SBI waiting for RBI’s approval for its stake acquisition in Tata Motors

By News Desk | June 15, 2010

State Bank of India, the biggest lender in the country is all ready to buy stake valued at 30% in Tata Motors Finance. The only thing pending is the authorization from RBI.

SBI Chairman O P Bhatt said, “The proposal (to pick up stake in Tata Motors Finance) is pending with RBI”.

The bank has been waiting for RBI’s authorization for quite some time. It has been rumored that the banking giant may have kept its plan to buy stake in Tata Motors Finance on hold due to the deferment occurring in receiving RBI’s approval.

Bhatt had said, “(To acquire) beyond 30 per cent, we have to go to the government for clearance. So we will take somewhere between 20 and 30 per cent. That means we need the approval only from the Reserve Bank of India”.

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