The project will also see 40 acres of Oloolua forest hived off
for the construction.
Lloyds instead hived off
the branches under the revived TSB brand - expected to be floated later this year.
Air India (AI) had hived off
the unit as a separate subsidiary with about 7,000 employees.
The split created mortgage and savings bank Northern Rock plc while toxic loans were hived off
to Northern Rock Asset Management.
Effectively, funds will not be used to benefit the immediate Rumney/Llanrumney communities but some will be hived off
to subsidise other areas.
The project will be hived off
into a joint venture between Ansal Landmard and an investment arm of ICICI Prudential, the report said.
His comments put him at odds with the governor of the Bank of England, Mervyn King, who in a speech in Scotland on Tuesday night called for the banks' retail functions to be hived off
from their more speculative ventures.
Around three-quarters of the impairment charge related to assets which will be hived off
into a taxpayer-backed insurance scheme, taking the public stake to more than 60%.
A report issued in October by Pan Leisure Consulting Ltd suggested some of the site could be hived off
for housing or commercial enterprise.
SPREAD-BETTING company IG Index have hived off
their sports offering, IG Sport, as part of the group's leisure brand.
The company was hived off
from BL and floated on the Stock Market in 1984 as Jaguar Cars.