SBI awaits RBI nod to buy stake in Tata Motors Fin
Press Trust Of India / Mumbai Mar 21, 2010, 00:49 IST
State Bank of India on Saturday said it is awaiting Reserve Bank of India’s clearance to acquire up to 30 per cent stake in Tata Motors Finance. “We have written to the RBI. We are awaiting a response,” SBI Chairman O P Bhatt told reporters on the sidelines of an event here.
SBI is eyeing around 30 per cent stake in the vehicle financing arm of Tata Motors. Acquiring a stake beyond this level would require approval from the government.
“So, we will take somewhere between 20 and 30 per cent. That means we need the approval only from the RBI,” Bhatt said.
On part-financing the Bharti-Zain deal, he said the bank has not made any commitment on advancing loan to Bharti, although it has been discussing the issue with the telecom major.
“We have not committed (ourselves to) anything,” he said. Last month, he had said the acquisition of Tata Finance would enable SBI to strengthen its presence in the commercial vehicle segment and particularly to gain synergies in bus and trucks business.
Content Guide
