Magma Fincorp is planning to increase its focus on vehicle loans in Andhra Pradesh and Telangana. The company is targeting 20% growth in FY15 by increasing its disbursal of cars and tractors.
The company disbursed Rs 562 crore in the two States during the financial year ended March 31, 2014. It has 24 branches in Andhra and Telangana and would consolidate business rather than expanding them this year.
Magma Fincorp is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an asset finance company. The company, having started operations over two decades back, is listed on the Bombay Stock Exchange and the National Stock Exchange in India.
