The Union Cabinet has approved the setting up National Land Monetization Corporation (NLMC) 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.
Basic facts NLMC
- NLMC will undertake monetization of surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other Government agencies.
- The proposal is in pursuance of the Budget Announcement for 2021-22.
- NLMC is also expected to own, hold, manage and monetize surplus land and building assets of CPSEs under closure and the 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 (including CPSEs) in iden tifying their surplus non-core assets and monetizing them in a professional and efficient manner to generate maximum value realization.
- The Board of Directors of NLMC will comprise senior Central Government officers and eminent experts to enable professional operations and management of the company.
- The Chairman, non-Government Directors of the NLMC will be appointed through a merit-based selection process.
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