Magma Fincorp Opens Branch Office In Ananthapur

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The new office was inaugurated by Mr. Narsimha Reddy, District Transport Commissioner, Ananthapur in the presence of Mr. Dhrubashish Bhattacharya, Vice President, Magma Fincorp Limited and other dignitaries and company officials

(PressReleasePoint) Hyderabad,Andhra Pradesh,India: 16^th November, 2011: Magma Fincorp Limited, India’s leading retails finance company today opened its branch office in Ananthapur. The new office was inaugurated by Mr. Narsimha Reddy, District Transport Commissioner, Ananthapur in the presence of Mr. Dhrubashish Bhattacharya, Vice President, Magma Fincorp Limited and other dignitaries and company officials.
 
“Our presence in Ananthapur is part of our expansion plans for Andhra Pradesh which is a growing market for us ever since the company started focusing on South India. We consider Andhra Pradesh to be one of our key market areas and have already done significant business in this financial year. We currently have over 24000 customers in Andhra Pradesh and the base is growing fast. In the last financial year we have disbursed Rs 656 crore in Andhra Pradesh and we plan to increase our business by 50% across product categories in the current fiscal,” said Mr. Dhrubashish Bhattacharya during the inauguration.
 
Magma currently has 17 other branches in Andhra Pradesh, namely in Hyderabad, Karimnagar, Kurnool, Mehboobnagar, Mancherial, Nalgonda, Nizamabad, Warrangal, Khammam, Nellore, Rajahmundry, Tirupati, Vijayawada, Vishakhapatnam, Guntoor, Ongole & Cuddapah and employs over 400 people. “We expect Ananthapur to be a key growth driver for us across our product range”, added Mr. Bhattacharya.