State Bank of India, the largest lender of the country is all set to take up stake worth 30% in Tata Motors Finance. The only thing that remains is the approval from RBI.
"The proposal (to pick up stake in Tata Motors Finance) is pending with RBI," SBI Chairman O P Bhatt said.
The bank has been waiting for RBI's approval since quite some time. It has been heard that the banking major might have put its plan to acquire stake in Tata Motors Finance in backdrop owing to the delay occuring in getting RBI's nod.
"(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," Bhatt had said.
Tata Motors Finance has been financing the complete range of cars manufactured by Tata Motors including passenger cars and commercial vehicles for more than 50 years.