Maruti in pact with Magma for financing cars

Kolkata, Sept 20: Leading car maker Maruti Udyog Limited today signed a deal with financial services company Magma Leasing Limited to finance Maruti cars across the country.

The agreement was signed by Maruti's managing director Jagdish Khattar and Magma's managing director Sanjay Chamria.

"Maruti is determined to motorise India and tap the opportunity in rural and semi urban markets. We have the right products and the network for it. The missing link is car finance and our partner Magma will help us expand our base," Khattar said.

"Magma specialises in financing new and pre-owned vehicles in the semi urban and rural areas which is the fastest growing market in the country. With the merger of Magma and Shrachi Infrastructure Finance, we have an increased reach of 146 branches," Chamria said.

UNI