Table of Contents
Context
The Union Cabinet approved the establishment of the National Land Monetization Corporation as a Special Purpose Vehicle.
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About the NLMC
- National Land Monetization Corporation (NLMC) will undertake the monetization of surplus land and building assets of Central Public Sector Enterprises and other government agencies.
- This was announced in the Union Budget 2021-22.
- This will allow the monetization of non-core assets with the help of which the government will be able to generate more revenues by monetizing unused and under-used assets.
- The initiative will open up avenues for new economic activities, encourage the local economy and generate financial resources for economic and social infrastructure.
- The NLMC will simplify the process of closure of Central Public Sector Enterprises, offering a smooth way for strategic disinvestments.
- This will also act as a body to advise and support the Central Public Sector Enterprises in identifying the non-core assets and help them monetize those assets in an efficient manner with the possibility of maximum value realisation.
- In a nutshell, the NLMC will act as the repository of best practices to provide technical advice to the government in implementing asset monetisation programmes.
- In the upcoming days, NLMC will function under the Department of Public Enterprise, Ministry of Finance and the Finance Ministry will be the administrative agency for NLMC.
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Appointments
- NLMC will comprise a wide range of technical experts to professionally manage the company and execute land monetization on behalf of government agencies and CPSEs.
- The Board of Directors of the company will have central government officers and eminent experts for the operations and management of the company.
- The Chairman and non-government directors of NLMC will be appointed through a merit-based selection process.
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