What Is National Land Monetization Corporation (NLMC)?
The Union Cabinet has approved the setting up National Land Monetization Corporation (NLMC) as a wholly owned Government of India company.
- The Finance Minister had announced plans to set up a special purpose vehicle for this purpose in the Union Budget 2021-22.
- In August, 2021, the government of India launched the National Monetisation Pipeline (NMP).
- NLMC will undertake surplus land asset monetisation as an agency function, and assist and provide technical advice to the Centre in this regard.
- NLMC has been announced with an initial authorized share capital of Rs 5000 crore and paid-up share capital of Rs 150 crore.
- The Board of Directors of NLMC will comprise senior Central Government officers and eminent experts to enable professional operations and management of the company.
- The Chairman, non-Government Directors of the NLMC will be appointed through a merit-based selection process.
- The new company, which will be set up under the administrative jurisdiction of the finance ministry.
- NLMC will hire professionals from the private sector just as in the case of similar specialised government companies like the National Investment and Infrastructure Fund (NIIF) and Invest India.