KKR, IFC invest Rs 440 crore in Magma Fincorp

Last Updated: Mon, May 23, 2011 19:21 hrs

Kohlberg Kravis Roberts & Co LP and International Finance Corporation (IFC) have invested Rs 440 crore in Magma Fincorp, a non-deposit taking non-banking finance company (NBFC). The capital infusion would be used to support Magma’s expansion plans.

The proposed investment by IFC would provide Magma with strategic capital to expand its operations in in semi-urban and rural areas, especially in Bihar, West Bengal, Orissa, Chattisgarh, UP, and Rajasthan.

“Maintaining our aggressive growth pattern, we expect to increase our disbursements by 50 per cent in 2011-12and reduce our dependency on securitisation,” said Sanjay Chamria, vice chairman & MD, Magma.

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