MAGMA FINCORP LIMITED
Who is our client
Magma Fincorp Limited (“Magma”) a Mumbai-based non-deposit taking non-banking finance company (NBFC), is registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company started operations nearly three decades back and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India. Magma a financial conglomerate offers a bouquet of financial products including commercial finance, agri finance, SME finance and mortgage finance and has a general insurance Joint Venture. Magma is focused on the rural and semi-urban sector with a widespread coverage and presence across 312 Branches
The facility will support the expansion of Magma's MSME loan portfolio as well as contribute to lengthening the maturity of the company's funding.
Why we fund this project
Providing funding to the company enables FMO to renew and further build on the longstanding partnership with the company. Magma is actively engaging with the MSME sector with a focus on the ‘underbanked’ segment, which matches well with FMO’s strategy to support the base of the pyramid. Through this transaction, FMO directly contributes to SDG 8 and 10.
Environmental and social rationale
This is an E&S C client. No exposure to activities on FMO's exclusion list or IFC-PS triggered transactions. Internally, Magma has adopted the Social & Environment Management System - Policy & Procedures Documents.
- Financial Institutions
- Signing date
- Total FMO financing
- INR 3500.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)