Adar Poonawalla Appointed as Chairman of Mumbai-Based NBFC ‘Magma Fincorp Ltd.’
- Magma Fincorp Limited (MFL), Mumbai based non-banking financial company, has appointed Adar Poonawalla as its Chairman.
- MFL is registered with the Reserve Bank of India as an Asset Finance Company with registered office in Kolkata.
- Adar Poonawalla is also the CEO of the Serum Institute of India (SII), the manufacturer of the Covishield vaccine.
- MFL is now a subsidiary of Adar Poonawalla owned and controlled Rising Sun Holdings Private Limited (RSHPL), the financial services arm of the Poonawalla Group.
- RSHPL acquired controlling stake in MFL through an equity infusion of Rs 3,456 crore in May 2021.
- Magma Fincorp and its subsidiaries will now be rebranded as Poonawalla Finance.
Source: MAGMA