Mumbai, 2^nd July 2021: Poonawalla group acquired Magma Fincorp Ltd is pleased to announce the joining of Sanjay Miranka as its Group Chief Financial Officer (Group CFO) effective today. Sanjay will lead the group’s resource raising, regulatory compliance & governance, investor interactions, corporate legal, and work with the MD and Group CEO on the strategic transformation.

Sanjay is a qualified CA and CS and comes with over 26 years of rich experience across a diverse set of industries like Financial Services, Edible Commodities, and Telecom. He was recently associated with Aditya Birla Finance Ltd (ABFL) for close to 18 years in various capacities such as Head of Capital Market Lending Business and later as CFO. In his tenure as CFO, ABFL’s long-term credit rating moved up from “AA+” to “AAA” and he has been instrumental in diversifying the funding sources and achieving one of the lowest costs of funds in the NBFC sector. For his outstanding contribution, he was conferred with “The Best CA CFO Award in Large Corporate BFSI Category” by the Institute of Chartered Accountants of India (ICAI) in 2020.

Abhay Bhutada, Managing Director, Magma Fincorp said, “Sanjay joins us at this important phase when the company is going through a strategic shift. I am certain that his deep and extensive experience across a diverse set of industries including both the asset and liability side of a lending business, his drive for operational excellence, and setting up of best practices will benefit us immensely as we continue to position the brand for the future. I am confident that he would be a great addition to the team and will provide strong leadership.”

 Commenting on his appointment, Sanjay Miranka said “I would like to extend my gratitude to the Poonawalla group and the Board of Directors for giving me the opportunity to be part of this growth journey. I look forward to partner with the team to execute the company’s vision and enhance value for its shareholders, people, and all stakeholders.”

About Magma Fincorp Limited

Magma Fincorp Limited (“Magma”) a Mumbai-based non-deposit-taking non-banking Finance Company (NBFC), is registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India. Consequent to the capital raise of Rs 3,456 Crore in May ‘21, the Company is now part of Poonawalla

The group with 60% shares owned by Rising Sun Holdings, a Company-owned and controlled by Mr. Adar Poonawalla. Magma a financial conglomerate offers a bouquet of financial products including commercial finance, Agri finance, SME finance, mortgage finance, and general insurance. Magma is focused on the rural and semi-urban sector with widespread coverage and presence across 21 States with 297 Branches. Magma’s customer base stood at 5.4 million and manages a loan book of Rs 14,225 crore.

For more information, please log on to: www.magma.co.in

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Mumbai, 21 June 2021: Vijay Deshwal has today joined Poonawalla group acquired Magma Fincorp Ltd, as its Group CEO. In his new role, he would be responsible for the Lending and Housing Finance business along with its Insurance business. He will be based out of the Pune corporate office.

Vijay Deshwal, a post-graduate from the Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades. His experience spans segments of banking, corporate finance, international business, and operations. He has an enviable track record of growing businesses with an overall approach of customer centricity and profitability. In his last role, Vijay was associated with ICICI Bank as a Business Head responsible for the fast-growing services sector business including new age businesses focused on technology and digital intervention.

Having handled pan-India financial institutions including NBFCs for over six years, Vijay has a vast understanding of various asset classes and the cyclicality of these businesses. He was also responsible for conceptualizing and driving liability strategy for the Corporate Ecosystem in the Bank.  He previously headed debt syndication business for ICICI Bank for over five years and brings with him a rich experience of Debt Capital Markets and Large Fundraising from Domestic and International investors

Abhay Bhutada, Managing Director, Magma Fincorp said “We are pleased to have Vijay Deshwal in our team. His extensive knowledge and rich experience across the various facets of banking and financial services will drive the transformation and charter a new phase of growth under the Poonawalla brand.”

Commenting on his appointment, Vijay Deshwal said “I sincerely thank the Poonawalla group for entrusting me with this huge responsibility during the transforming times for financial services landscape in India. It’s a privilege to join the group and I look forward to working together with the teams towards creating a service-oriented institution for its customers and delivering value to the shareholders.”  

Poonawalla Group recently acquired a majority stake of 60% in Magma Fincorp through its holding company Rising Sun Holdings in May 2021.

About Magma Fincorp Limited

Magma Fincorp Limited (“Magma”) a Mumbai-based non-deposit-taking non-banking Finance Company (NBFC), is registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India. Consequent to the capital raise of Rs 3,456 Crore in May ‘21, the Company is now part of Poonawalla

The group with 60% shares owned by Rising Sun Holdings, a Company-owned and controlled by Mr. Adar Poonawalla. Magma a financial conglomerate offers a bouquet of financial products including commercial finance, Agri finance, SME finance, mortgage finance, and general insurance. Magma is focused on the rural and semi-urban sector with widespread coverage and presence across 21 States with 297 Branches. Magma’s customer base stood at 5.4 million and manages a loan book of Rs 14,225 crore.

For more information, please log on to: www.magma.co.in

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