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Magma Fincorp completes GE MHF deal

Posted on Feb 14, 07:03PM | IBNS

Kolkata, Feb 14 : Magma Fincorp Limited, a Kolkata based non-banking financial company, announced that it has successfully completed the acquisition of 100% equity share capital and has taken ownership of GE Money Housing Finance (GEMHF). The announcement of the signing of the definitive agreements by Magma with the GE entities had been made on Nov 8, 2012.

"The acquisition closure of this 8 year old profitable entity, now enables Magma to launch its Mortgage business in India and offers a robust platform for us to scale up the bouquet of products on offer to our customers," said Sanjay Chamria, Vice Chairman and Managing Director of Magma Fincorp.

The GE Money Home Finance acquisition will help Magma Fincorp gain access to around 10,000 existing customers.

The total outstanding loan portfolio is estimated at Rs. 1,320 Crores, which also includes the Home Equity Portfolio of GE Money Financial Service Pvt Ltd.