National Land Monetisation Corporation (NLMC)

National Land Monetisation Corporation (NLMC)

Part of: Prelims and GS-III Economy

Context: Union Cabinet has approved the setting up of a new government-owned firm, National Land Monetisation Corporation (NLMC), for pooling and monetising sovereign and public sector land assets.

Key takeaways 

• The NLMC is being formed with an initial authorised share capital of Rs. 5,000 crore and paid-up capital of Rs. 150 crore.
• The government will appoint a chairman to head the NLMC through a “merit-based selection process” and hire private sector professionals with expertise.
• The NLMC will undertake monetisation of surplus land and building assets of Central public sector enterprises (CPSEs) as well as government agencies.
• The new corporation will also help carry out monetisation of assets belonging to public sector firms that have closed or are lined up for a strategic sale.
• The government would be able to generate substantial revenues by monetising unused and under-used asset.

News Source: TH