Non-banking financial company (NBFC) Magma Fincorp Ltd. has been renamed Poonawalla Fincorp Ltd. following the acquisition of controlling stake by the Adar Poonawalla-led Rising Sun Holdings in May.
The company had initiated a rebranding exercise, the NBFC said.
Magma’s fully owned housing finance subsidiary Magma Housing Finance Ltd. has also been renamed Poonawalla Housing Finance Ltd.
Under the new brand, the group would focus on the consumer and MSME segments, the NBFC added. “This marks the beginning of not only a change of brand but the fundamental way in which we will do business,” said Poonawalla Fincorp Ltd. chairman Mr. Poonawalla.
“From new products to new geographic locations across India; we hope to serve every citizen, helping them in fulfilling their personal and professional aspirations,” he said.
