FinMin invites applications to appoint CEO and chairperson of NLMC

ACC has approved a committee to appoint executives and board members of NLMC

The Finance Ministry on Monday invited applications for appointing Chief Executive Officer (CEO) and a non-executive chairperson to the board of National Land Monetisation Corporation (NLMC).

NLMC was incorporated in June last year as a wholly-owned government company to carry out monetisation of surplus land parcels held by various Central Public Sector Enterprises (CPSEs) and government agencies.

The appointment of full-time CEO and chairman would accelerate the formulation of strategy for monetisation of the land assets of CPSEs, said an official.

Government is seeking to appoint the non-executive chairperson from the private sector and has sought applications from senior executives who have worked in the past three years in a company with an annual turnover of Rs 1000 crore or more. The person should have experience in the fields of real estate, banking, investment funds and construction. 

For the CEO position, the government is aiming to appoint a civil servant employed in state or central government at the level of joint secretary/additional secretary with experience in financial sector/infrastructure development or land management.

The selection of chairman, CEO and board level members will be done by a Search-Cum-Selection-Committee (SCSC) under the chairmanship of cabinet secretary. The committee has been authorised to identify and recommend any other person, based on merit, who may not have applied for the post of chairman and CEO.

According to a senior official, the committee consists of the NITI Aayog CEO, Department of Public Enterprises (DPE) secretary, and two eminent non-official persons nominated by the Appointments Committee of the Cabinet (ACC) as members.

According to the structure, NLMC’s board will have 13 directors, of whom seven would be government officials and six from the private sector.

NLMC has authorised equity share capital of Rs 25,000 crore and paid-up share capital of Rs 150 crore. The DPE is the administrative ministry for the NLMC. It will also advise and assist government departments, statutory bodies/authorities, autonomous bodies, and corporations on under-utilised non-core assets.

The government looks to initiate the process of monetising surplus land, buildings and other immovable properties, identified by CPSEs, the official said. “Other CPSEs and government departments have been asked to prepare a list of assets that can be monetised through NLMC,” he added.

The DPE recently issued a Request for Empanelment (RFE) of consultancy firms for providing transaction advisory services for monetisation of assets of CPSEs and other government agencies.