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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
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- 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.