NLMC green light to land monetization of surplus assets

IAccording to Bhagwat Kisanrao Karad, the Minister of Finance, on March 9, 2022, the federal cabinet approved the establishment of a National Land Monetization Corporation (NLMC) to undertake the monetization of surplus land and buildings of central public sector enterprises (CPSE). .

NLMC is a 100% Government of India owned company with an initial share capital of INR 50 billion (USD 654 million) and a paid up share capital of INR 1.5 billion.

The company aims to undertake the monetization of land and other non-core assets, and to advise and assist ministries, statutory bodies and authorities, self-governing bodies, corporations, etc., on the monetization of non-core assets. surplus and underutilized essentials, according to the government website circular.

The NLMC will act as an asset manager for land owned by central government or CPSEs with the freedom to invest, lease or lease assets, or monetize them. It is free to develop assets for commercial or residential purposes.

The company will act as the land monetization custodian and will assist and provide expert technical advice to the Department of Public Enterprises and the Department of Investment and Public Assets Management in the implementation of a program asset monetization.

The cabinet further mentioned the creation of a board of directors composed of senior officials and eminent professionals in the fields of real estate, banking, investment banking, construction, law and related fields.

The incorporation of the NLMC was underway and led by the Department of Public Enterprises and the Ministry of Finance, Karad said. subscription announcement blue 2022