Magma Fincorp announced its ambitious growth plans for Madhya Pradesh for the financial year 2012. The company, which disbursed Rs 327 crores in Madhya Pradesh in FY 11, plans to romp up disbursements by another 50 per cent in retail loans in the state in FY12. Magma, headquartered in Kolkata, already has a footprint in the state with its 8 offices. Ravi Mathur, Zonal Sales Manager, Magma Fincorp said, "We will continue with our focus on providing asset finance to the economically disenfranchised in Madhya Pradesh and expect to further grow our business in the state. We are opening five new branches in Madhya Pradesh, this fiscal to reach out to a larger audience. This will help in strengthening our market share in each of the segments. For this, we would also increase our manpower strength to suit the challenge of high growth trajectory." Magma has eight branch offices in Madhya Pradesh in Jabalpur, Indore, Ujjain, Satna, Shahdol, Bhopal, Guna & Narsinghpur and employs about 300 people in the state. Five new branch offices will be opened in Gwalior, Chhindwara, Sagar, Mandsaur and Khargone during the current financial year. In the first quarter of the current financial year, the company has already experienced an overall growth of 59 per cent in Madhya Pradesh, compared to the corresponding period of the last financial year.