Magma Fincorp is now Poonawalla Fincorp

Magma Fincorp has been renamed as Poonawalla Fincorp with effect from July 22 after Adar Poonawalla-led Rising Sun Holdings acquired a controlling stake in the non-banking finance company (NBFC).
Magma Housing Finance, a unit of the NBFC, has been renamed Poonawalla

Housing Finance, the company said in a statement.

Rising Sun Holdings had acquired a controlling stake in the NBFC through an equity infusion of Rs 3,456 crore. The transaction was completed on May 21, and Adar Poonawalla was appointed as the company’s Chairman on May 31.

Poonawalla is also the Chief Executive Officer of Serum Institute of India, which is manufacturing the Oxford-AstraZeneca vaccine (Covishield) against COVID-19.

“In its new avatar under Poonawalla brand, the group will be focusing on consumer and MSME segment. As a part of new strategy, the company will expand its product range to include Personal Loans, Loans to Professionals, Merchant Cash Advance, Loan against Property, Consumer Finance and Machinery Loans along with existing products of Business Loan, Pre-Owned Car Loans and Home Loans,” the company said in a statement.

“We are delighted to announce the rebranding of Magma Fincorp under the Poonawalla brand as “Poonawalla Fincorp”. This marks the beginningof not only a change of brand but the fundamental way in which we will do business.

From new products to new geographic locations across India; we hope to serve every citizen, helping them in fulfilling their personal and professional aspirations,” Poonawalla said in a statement.

NEWS CREDIT : MONEY CONTROL

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