The Union Cabinet, chaired by Prime Minister, has approved the setting up of the National Land Monetization Corporation (NLMC).
National Land Monetization Corporation (NLMC) will be set up as a wholly owned Government of India company with an initial authorized share capital of Rs 5000 crore and paid-up share capital of Rs 150 crore.
NLMC will be set up and administered by the Department of Public Enterprise, Ministry of Finance.
NLMC will undertake monetization of surplus land and building assetsof
Central Public Sector Enterprises (CPSEs) and
Other Government agencies.
The proposal is in pursuance of the Budget Announcement for 2021-22.
With monetization of non-core assets, the Government would be able to generate substantial revenues by monetizing unused and under-used assets.
For CPSEs undergoing strategic disinvestment or closure, monetization of these surplus land and non-core assets is important to unlock their value.
NLMC will support and undertake monetization of these assets.
This will enable productive utilization of these under-utilized assets to
Trigger private sector investments,
Trigger new economic activities,
Boost local economy and
Generate financial resources for economic & social infrastructure.
NLMC is also expected to own, hold, manage and monetize
Surplus land and building assets of CPSEs under closureand
Surplus non-core land assets of Government owned CPSEs under strategic disinvestment.
These assets may be transferred to NLMC to hold, manage and monetize these assets.
NLMC will also advise and support other Government entities in identifying theirsurplus non-core assets and monetizing them in an efficient manner to generate maximum value realization.
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