Magma Fincorp has completed the process to acquire 26% equity shares of Magma ITL Finance (MITL), a subsidiary company, from International Tractors (ITL) one of the existing shareholder of MITL (the Joint Venture Partner). By virtue of the said acquisition, MITL has become wholly owned subsidiary of the company.
Magma Fincorp is a non-deposit taking NBFC registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
