KKR has committed $97.3 million to Indian retail asset finance firm, Magma Fincorp, Bloomberg reports. The global private equity firm teamed up with International Finance Corporation to provide capital to Mumbai-based Magma.
A prerequisite of the IFC’s investment in the firm is the it expand into semi-urban and rural areas to increase access to capital in less-served parts of the country, adds AltAssets. Magma is a non-deposit taking non-banking finance firm, which provides loan services, including utility vehicles, commercial vehicles, construction equipment, tractors and SME loans.
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