Adar Poonawalla Appointed as Chairman of Mumbai-Based NBFC ‘Magma Fincorp Ltd.’

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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.