The Mumbai-based non-banking financial company, Magma Fincorp Limited disclosed information that they have appointed Adar Poonawalla as the new chairman of the company. He is also the current chief executive officer of the Serum Institute of India (SII) and in charge of producing the Oxford University – AstraZeneca Covisheild vaccine which is being used in India. In addition to the change in the chairman of the company, Magma Fincorp Limited has also chosen Vijay Deshwal to take over as the new CEO of the company and Abhay Bhutada as the Managing Director.
Looking at the numbers from last year and when compared to this year, Magma has promulgated a loss of ₹625.9 crores at the end of March which was exorbitantly high since the loss of ₹35 crores in March 2020. During this time the company has made a total income of ₹587.14 crores during the period which ended March 31, 2021, as compared to ₹617.62 crores at the end of March 2020.
The company is going through a set of changes in its leadership. The announcements made as of now are just a part of the changes that will be seen in the future of Rising Sun Holdings, which is controlled by Poonawalla. These changes are in motion as a result of Rising Sun Holdings taking over the dominant stake earlier this month through an equity infusion of ₹3,456 crores. The take over of the majority stake by Rising Sun Holdings is said to create substantial corporate backing and the ample infusion of funds into the company is expected to affect the company’s credit rating in a propitious manner.
The statement released by the company mentioned that these changes are a good indication of how the company is progressing and is now more focused on expanding and being able to accomplish the most leading standards of corporate governance. It also mentioned that with the change in several senior management positions, the company is anticipating a skyward growth in the business.