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

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

• The Union Cabinet has approved to set up a new company called National Land Monetization Corporation (NLMC), as a special purpose vehicle (SPV).
• 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.
• NLMC shall be a wholly-owned Government of India company. It will be set up under the administrative jurisdiction of the Ministry of Finance.
• The initial authorized share capital of NLMC will be Rs. 5000 crore and paid-up share capital will be Rs. 150 crore.

Points to remember:

1. Name of the special purpose vehicle set up by Government to monetize surplus land and other non-core assets of Government agencies?
2. authorized share capital of of NLMC
3. paid-up share capital of NLMC
4. Share of GoI in NLMC? 100%
5. NLMC will be under which ministry?

Source: PIB