Magma Fincorp, a Kolkata-based non-banking finance company (NBFC), has set its sights on a 21 per cent growth in loan disbursals in 2013-14, according to its Vice-President Dhrubashish Bhattacharya.
At a press conference here on Tuesday, he said the figure was kept more ‘realistic’ considering that the market was sluggish in the last fiscal. “Last year, we aimed at achieving an ambitious 40 per cent growth in disbursals but ended up with 19 per cent,” he explained, adding that with a view to covering more territory, 75 more branches were added last year.’’
Mr. Bhattacharya said the course that company was charting to expand its reach included a fresh capital infusion to the tune of Rs. 500 crore, which was approved by its board a month ago. Asked for more operational details, he said Magma had disbursed Rs.782 crore in A.P. during the last fiscal, through its 23 branches.