India to sell land, non-core assets of public companies |
Reports say the National Land Monetization Corporation (NLMC) is being created by the Government of India to accelerate the process to sell land and non-core assets of dozens of government companies including BEML, SCI, MTNL and others. NLMC will function under the Department of Public Enterprises (DPE). It will be 100% government owned company, with an initial authorized share capital of Rs 5,000 crore or about US$ 700 million. The subscribed share capital will be Rs 150 crore or about US$ 20 million. The company will be governed by a board consisting of secretaries from the respective ministries, representatives from the real estate sector and investment bankers. The NMLC will be headed by a Chief Executive Officer (CEO), who will manage its day-to-day operations. This proposal is expected to get the Indian Cabinet`s approval soon.
|
|
|
|