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Looking at options to offload stake in finance: Tata Motors


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Tata Motors said it is looking to offload stake in its finance arm, Tata Motors (Q,N,C,F)* Finance, amid report that the country`s largest lender SBI may be buying into it, reports agency sources.

`...definitely we have already announced that we are looking at various options of offloading our stake,` Tata Motors Vice-Chairman Ravi Kant said.

Asked about reports of the State Bank of India buying stake in the finance arm, Kant declined to comment. He also refused to comment on estimated time line for offloading stake in Tata Motors Finance (TMFL) and the amount to be raised.

To date, TMFL is the largest financier of vehicles made by Tata Motors with over two million customers financed. A media report had said that SBI may pick up 49% stake in the financing arm.

Shares of the company gained Rs 18.7, or 4.72%, to settle at Rs 415.00. The total volume of shares traded was 46,510 at the BSE (Tuesday).

Source: Indiacar.com Source : Myiris.com (2/16/2010)