Poonawalla group acquired Magma Fincorp Ltd announced the joining of Sanjay Miranka as its Group Chief Financial Officer (Group CFO). Miranka will lead the group’s resource raising, regulatory compliance and governance, investor interactions, corporate legal, and work with the MD and Group CEO on the strategic transformation.

Miranka, a qualified Chartered Accountant (CA) and Company Secretary (CS), comes with over 26 years of experience across a diverse set of industries like Financial Services, Edible Commodities, and Telecom. He was recently associated with Aditya Birla Finance Ltd (ABFL) for close to 18 years in various capacities such as Head of Capital Market Lending Business and later as CFO. In his tenure as CFO, ABFL’s long-term credit rating moved up from “AA+” to “AAA” and he has been instrumental in diversifying the funding sources and achieving one of the lowest costs of funds in the NBFC sector. For his outstanding contribution, he was conferred with “the best CA CFO Award in Large Corporate BFSI Category” by the Institute of Chartered Accountants of India (ICAI) in 2020.

“Sanjay Miranka joins us at this important phase when the company is going through a strategic shift. I am certain that his deep and extensive experience across a diverse set of industries including both the asset and liability side of a lending business, his drive for operational excellence, and setting up of best practices will benefit us immensely as we continue to position the brand for the future. I am confident that he would be a great addition to the team and will provide strong leadership,”Abhay Bhutada, Managing Director, Magma Fincorp said.

“I would like to extend my gratitude to the Poonawalla group and the Board of Directors for allowing me to be part of this growth journey. I look forward to partnering with the team to execute the company’s vision and enhance value for its shareholders, people, and all stakeholders,” commented Sanjay Miranka.