Kolkata-based Magma Fincorp Limited, a non-banking finance company (NBFC) is eyeing 50 per cent growth from the Punjab and Haryana markets for FY10-11.
Sanjeev Chandhok, regional sales manager (car), Magma Fincorp Limited maintained with the positive market sentiments , Magma was looking to disburse Rs 532 crore in Punjab and Haryana as against Rs 330 crore disbursed last year.
Punjab and Haryana contribute nine per cent of the total disbursement mix for the company.
“By penetrating deeper, we will focus on providing asset finance to the economically disenfranchised in the state. We expect to grow our business in the state by over 50 per cent in this new financial year. Our target is to sustain the high market share in the state. Magma will aggressively promote all its products with special focus on Construction Equipment, Tractor and Suvidha finance across Punjab and Haryana,” added Chandhok.
Magma has 16 branches in Punjab, Himachal and Haryana. It plans to add two more branches, one at Pathankot and Khanna respectively.