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Are you importing the file from the FDM Inbox or from a drive on your PC or other network share? If you are not using the Select File From Inbox option during import you will be limited by the IIS settings as to the size of file you can upload over http (for IIS7 the limit is 30MB). I would always recommend uploading the source file to the FDM Inbox and then starting the process by selecting the file from the Inbox. It will resolve the file size issue you are facing and will be much more efficient than performing an upload streaming the data across your network from some other file location.
Thanks for the comment.
Since I don't have the access for FDM server, I will download file to my PC and import the file. I will try to upload the source file to the FDM Inbox.