VSNL to hive off retail business
15 Mar 2007
Mumbai: The Tata Group's international long distance gateway provider, hive-off its retail business undertaking to wholly owned subsidiary DIL Internet, for Rs400 crore.
VSNL's informed board of directors superseded an earlier resolution passed by an empowered sub-committee and approved the proposal to hive off the company's retail operations along with related assets and liabilities as an internal 'scheme of arrangement'.
The proposed hive-off of the RBU as above would be effective from 1 March, subject to obtaining necessary approvals, permission and sanctions including approval of the shareholders of the company.