Union Cabinet approves creation of a new company for land monetisation

The Union Cabinet on Wednesday approved the creation of a new company to hold and monetise surplus land assets and buildings of government departments and PSUs that are being privatised or shut down.
 
The special purpose vehicle (SPV), called the National Land Monetisation Corporation (NLMC), will be set up as a wholly state-owned company with an initial authorised share capital of Rs 5,000 crore and paid-up share capital of Rs 150 crore, said an official statement.
 
“NLMC will undertake monetisation of surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other government agencies. With monetisation