The establishment of the National Land Monetisation Corporation (NLMC) as a wholly-owned Government of India enterprise was authorised by the Union Cabinet on Wednesday. It would have a paid-up share capital of Rs 150 crore and an initial approved share capital of Rs 5,000 crore.

Surplus assets of Central Public Sector Enterprises (CPSEs) will be monetised by NLMC. The government said in a statement that the decision will help it produce significant cash by monetising underutilised and under-utilized assets.

Monetisation of surplus land and non-core assets is vital for CPSEs facing disinvestment or closure to unleash their value. It said, NLMC will promote the monetisation of such assets to enable productive utilisation and stimulate private sector investment, according to the statement.

To speed up the closure of CPSEs and streamline the strategic disinvestment process, NLMC is intended to own, hold, manage, and monetize surplus land. NLMC will also advise and assist other government agencies (including CPSEs) in identifying and monetising their surplus non-core assets in a professional and efficient manner to maximise value realisation.

 NLMC will serve as a repository of best practises in land monetisation, as well as assist and provide technical guidance to the government in the implementation of the asset monetisation programme," the govt said.

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