Lawstreet Journal

Adar Poonawalla Appointed as Chairman of Magma Fincorp

Lawstreet Journal 2 Jun 2021 10:00pm

Image courtesy: Lawstreet Journal Business Adar Poonawalla Appointed as Chairman of Magma Fincorp

Adar Poonawalla on Monday (May 31, 2021) took over as chairman of Magma Fincorp, a Mumbai-based non-banking financial company. The appointment follows the acquisition of controlling stakes in Magma through an equity fusion of Rs 3,456 crores in May 2021 by Rising Sun Holdings.

Poonawalla is also the CEO of Pune- based Serum Institute of India, the world’s largest vaccine manufacturer. 

With 60% shares owned by Rising Sun Holdings, Magma Fincorp is now a part of the Poonawala Group. The rebranding of the company as a Poonawalla Group Firm is underway. 

The company has also appointed Abhay Bhutada as the Managing Director and Vijay Deshwal as the CEO of Magma Fincorp from July 2021. Deshwal, a professional banker with a two-decade track record will also be the group CEO of Poonawalla Group’s financial service businesses.

“We are confident that Vijay Deshwal, with his extensive experience and knowledge across various facets of banking and financial services, will drive the transformation and charter a new phase of growth for the amalgamated entity under the brand of Poonwalla,” Abhay Bhutada, Managing Director, Magma Fincorp, said in a statement.

“Having handled pan-Indian financial institutions including NBFCs for over 6 years, Mr. Deshwal has a wide understanding of various asset classes and the cyclicity of these businesses. He had previously headed debt syndication business for ICICI Bank for over five years”, the company release added.

Magma Fincorp is a financial conglomerate offering a variety of financial products such as commercial finance, Agri finance, SME… Continue Reading...

Tagged: Adar Poonawalla   Magma Fincorp  
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