Cabinet approves setting up of National Land Monetization Corporation as a Special Purpose Vehicle (SPV) for monetization of surplus land

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved the setting up National Land Monetization Corporation (NLMC) as a wholly owned Government of India company with an initial authorized share capital of Rs 5000 crore and paid-up share capital of Rs 150 crore.  NLMC will hold and monetise surplus land and building assets, of Central Public Sector Enterprises (CPSEs) and other Government agencies, that are being privatised or being shut down. The proposal is in pursuance of the Budget Announcement for 2021-22. NLMC shall be a wholly-owned Government of India company. It will be set up under the administrative jurisdiction of the Ministry of Finance.