The Union Cabinet approved the establishment of the National Land Monetization Corporation (NLMC), chaired by Prime Minister Mr. Narendra Modi, to monetize surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other government organisations. According to an official release, NLMC would be a government-owned business with an initial authorised share capital of Rs. 5,000 crore (US$ 652.75 million) and a paid-up share capital of Rs. 150 crores (US$ 19.58 million), and its board of directors will include senior central government employees and distinguished specialists.
The government would be able to gain large profits by monetizing underused and under-used assets through non-core asset monetization, it noted. The government also stated that NLMC will own, hold, manage, and monetize surplus land and construct assets of CPSEs that are being shuttered, as well as surplus non-core land assets of government-owned CPSEs that are being strategically disinvested.
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