Magma Fincorp Limited, on Thursday, announced that it has completed the acquisition of entire equity capital of GE Money Housing Finance. The announcement of the signing of the definitive agreements by Magma with the GE entities was made on November 8, 2012.
“The acquisition closure of this eight-year-old profitable entity now enables Magma to launch its mortgage business in India. It offers a robust platform for us to scale up the bouquet of products on offer to our customers,” Sanjay Chamria, Vice-Chairman and Managing Director, Magma Fincorp, said. The acquisition will help Magma Fincorp gain access to around 10,000 customers, with a total outstanding loan portfolio of Rs.1,320 crore.
Mr. Chamria said that last week the company completed the acquisition of the Rs.250 crore portfolio of auto lease from Religare Finvest. With this acquisition, Magma has got more than 80 large corporates with more than 4,500 individual car customers. It will help establish Magma as a serious car finance player for the corporate sector, besides catering to their requirements in respect of other assets such as IT systems, hardware and equipment and provide working capital loans as part of its SME offerings.