The Hindu Business Line : Magma Leasing sees Rs 1,352-cr business

MAGMA Leasing Ltd, with core competence in the business of asset-backed finance in three key areas of commercial vehicles, cars and construction equipment, has projected a business plan of Rs 1,352 crore for 2004-05.

This will result in an increase of 56 per cent in net disbursals over that in 2003-05. The highest business of Rs 652 crore is set to come from commercial vehicles, followed by cars (Rs 399 crore) and construction equipment (Rs 301 crore).

For the year ended March 31, 2004, the company achieved disbursements of Rs 867.01 crore, with a very strong presence in East (Orissa) and North.

Briefing newspersons here on Wednesday on the plans and prospects for 2004-5, Mr Sanjay Chamria, Managing Director of Magma, said the company's asset base as on March 31, 2004 was Rs 1,350 crore plus, straddling a diversified portfolio of commercial vehicles, passenger cars and utility vehicles and construction equipment.

He said Magma's plan was to grow both organically and inorganically and it was always open to strategic acquisitions.

According to Mr Chamria, the company was aiming to emerge as a national player in the next three years.