The department of telecommunications (DoT) has approved state-run Bharat Sanchar Nigam Limited’s (BSNL’s) plan to hive off its tower assets into a wholly owned subsidiary and is in the process of formulating a Cabinet note for the same.

The proposal to this effect will be send to the Cabinet soon for a final approval, a senior official from DoT told Business Standard.

Ashok Leyland, the Chennai-based truck and bus maker, has not given up on its maiden passenger vehicle venture, despite poor sales. Its multi-seater Stile van saw sales of only 311 units in the April 2014-January 2015 period, less than half the same period of the previous year, when it was 694 units.

This is the first time India’s second largest heavy truck maker has plunged into the personal vehicle segment, with no prior experience.

ITC Hotels, India's second largest hotel chain, has emerged as the highest bidder for Goa-based Park Hyatt property, which was put on the block by IFCI. But the original owners allege the property is being sold at a throwaway price.

P L Suri-headed Blue Coast Hotels, the owner of the Goa property, said the hotel which was kept as a collateral against loan taken from IFCI has been put on the block by the state-owned finance company despite no mutual consent.

Budget carrier SpiceJet is expected to receive the second tranche of Rs 400 crore of a Rs 1,500 crore fund infusion by new investors led by Ajay Singh by Wednesday.

One tranche (of Rs 100 crore) has been invested. The second tranche, 400 crore, should happen tomorrow or day after, Singh said on the sidelines of the Budget Roundtable organised here Monday.

Facing a multi-nation probe for alleged tax evasion, money laundering and unlawful cross- border banking solicitation, global giant HSBC today said it has been served summons by the Indian tax department.

The bank said it is being probed by tax authorities in many other countries as well with regard to alleged irregularities by its Swiss banking unit and there could be significant amounts of fines, penalties and/or forfeitures imposed on it.

Chennai-based truck and bus maker Ashok Leyland has not given up on its maiden car venture, for which it piggy-backed on Japanese giant Nissan, despite extremely poor sales.

The multi-seater van Stile saw sales of just 311 units in the April-January period, which has more than halved compared to the same period previous year that witnessed sales 694 units.

GMR Infrastructure today said that it has entered into a definitive agreement to sell its 26% stake in Delhi Cargo Service Centre.

Delhi Cargo Service Centre, a joint venture between Cargo Service Center India Private Limited and Delhi International Airport (Private) Limited (DIAL), operates cargo operations at DIAL.

The country's largest lender, State Bank of India, plans to overhaul its transaction banking business, which will include involving trade finance and IT platform-based servces for liquidity management.

It will hire a strategic advisor for restructuring the business, which covers products and services across the National Banking Group, including government business, mid-sized and large-sized corporates.

Veteran social activist Anna Hazare will sit on a protest at Jantar Mantar from Monday against the ordinance on Land Acquisition Bill.

Earlier on Sunday, he had called for the Land Ordinance Bill to be taken back, adding that the government should instead look out for ways to improve the condition of the farmers.

Shares of Idea Cellular and Yes Bank have gained up to 1% on the BSE after the National Stock Exchange included these stocks in its benchmark index Nifty. However, these two firms will replace DLF and Jindal Steel & Power in the 50-unit Nifty index which declined up to 1.5% on the BSE.

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