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NT Bureau
Chennai, Aug 25 :

        Magma Shrachi Finance Limited, an asset financing company major, has targeted to disburse Rs 200 crore worth of retail loans in Tamilnadu during the current fiscal.

        Speaking to reporters, K V Venkatesan, business head said, 'the company has just entered the Tamilnadu market and would take steps to make its presence in the State. As the State being a huge market for commercial vehicle loans, construction equipment loans, we would like to make a mark in these segment.

        Magma proactively concentrates on enhancing its presence in the under penetrated rural and semi-urban markets even as the competitors continue to focus on urban sector.

        We would have seven branches—Chennai, Vellore, Coimbatore, Salem, Madurai, Tiruchy and Puducherry.

        The company with assets under management of over Rs 6300 crore as on 30 June has a well diversified product portfolio comprising commercial vehicle, car and utility vehicle, construction equipment, used commercial vehicle, strategic construction equipment finance and fee based business such as general insurance and personal loans.

        It has recently signed a joint venture with International Tractors Limited and formed Magma ITL finance Limited for exclusively financing tractors and farm equipment.

        The company is looking forward to finance at least 10,000 tractors in the first year of operation.

        Currently it operates through 155 branches in 20 States employing 3,480 people.