The shareholders of Magma Leasing formally approved the new name of the combined entity of Magma Leasing and Shrachi Infrastructure at an extraordinary general meeting held on June 5.The new name, Magma Shrachi Finance, however will be effective after securing approvals from necessary statutory authorities.The companies had announced the merger in August 2006.This new post-merger entity is set to become one of the largest private sector financial services companies in India with assets under management worth over Rs 5500 crore.The company has expanded its branch network in 20 states covering 154 locations.At present it finances both new and second-hand commercial vehicles, cars, construction equipment, and multi-utility vehicles mainly for first-time buyers and users in the semi-urban and rural markets, where it generates a significant proportion of its business.In recent months, it has also been rapidly scaling up its fee-based businesses which involve distribution of insurance and personal loan products.
