The Union Cabinet has approved setting up of National Land Monetization Corporation (NLMC), which will be completely owned by Government of India. The company will start with an initial authorized share capital of Rs 5,000 crore and paid-up share capital of Rs 150 crore. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha.
In the reply, the Minister stated that the National Land Monetization Corporation will undertake monetization of surplus land and building assets available with Central Public Sector Enterprises (CPSEs) and with other Government agencies. The proposal for the same is in pursuance of the Budget Announcement for 2021-22, the Minister stated.
For setting-up the NLMC, the Minister of State for Finance Dr Bhagwat Kisanrao Karad listed out the objectives as under:
• To undertake professional and orderly monetization of land and other non- core assets referred to it.
• To own, hold, manage and monetize land and building assets of CPSEs under closure and surplus land and buildings of 100% GoI owned CPSEs under strategic disinvestment.
• To advise and support monetization of surplus land assets of Demerged companies holding surplus land and other CPSEs
• To advise and assist government departments, statutory bodies/ authorities, autonomous bodies, corporations, etc. on monetisation of surplus and under- utilized non-core assets.
• To identify surplus land and building assets to create an inventory for monetization in consultation with CPSEs/other government agencies. to build a capable organization with skill and competencies to enable speedier and efficient monetisation which can generate maximum value from government assets.
• To act as a repository of best practices in land monetization, assist and provide expert technical advice to DPE / DIPAM /Government of India in implementation of asset monetisation program.
The Minister further stated that National Land Monetization Corporation would be administered by a Board of Directors as company functioned. The proposed Board structure may be a mix of senior government officials, experts and eminent professionals in the field of real estate, investment banking, banking, and construction, legal and other related fields. The Board is expected to have necessary experience and expertise to steer the functioning of the National Land Monetization Corporation in a more professional manner. An eminent professional would be appointed as the Chairman of the Board, the Minister stated.
Incorporation of National Land Monetization Corporation is underway which is being steered by Department of Public Enterprises, Ministry of Finance, the Minister stated.
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