Magma completes acquisition of GE Money Housing Finance

Magma completes acquisition of GE Money Housing Finance Kolkata: Leading NBFC Magma Fincorp today announced that it completed the acquisition process of GE Money Housing Finance which has an outstanding loan portfolio of Rs 1,320 crore.

"The acquisition closure of the eight-year old profitable entity will help Magma to launch its mortgage business in India," Vice-Chairman and Managing Director of Magma Fincorp Sanjay Chamria said in a statement.

The company also said it had acquired the auto lease business of Religare Finvest which had a portfolio of Rs 250 crore.

"This will help Magma to strengthen its fledgling auto lease business," Chamria said.

PTI