Magma Fincorp has appointed Adar Poonawalla as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it. Rising Sun invested Rs 3,456 crore in the non-bank lender earlier this month. Magma will soon be rebranded as Poonawalla Group company. The lender has also appointed Abhay Bhutada as MD & Vijay Deshwal as CEO.
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Important takeaways for all competitive exams:
- Magma Fincorp Headquarters: West Bengal;
- Magma Fincorp Founder: Mayank Poddar and Sanjay Chamria;
- Magma Fincorp Founded: 1988.