Tata Group company VSNL today said its board of directors have given their go-ahead to a proposal resulting in the company hiving off its retail business undertaking (RBU) to wholly-owned subsidiary DIL Internet, for a consideration of up to Rs 400 crore. VSNL informed the BSE that the board of directors in supersession of the earlier resolutions passed by the empowered subcommittee, approved the proposal to hive-off the company's RBU with all related assets and liabilities on a going concern basis, by way of a scheme of arrangement.