Informist, Monday, Jun 5, 2023

By Priyasmita Dutta and Shubham Rana

NEW DELHI – The government's National Land Monetisation Corp aims to monetise 15-bln-rupee assets of Bharat Sanchar Nigam Ltd by the end of the current financial year, a finance ministry official said.

Even though two major properties of the company--one in Hyderabad and one in Lucknow--were identified back in 2022, not much progress was made in monetising them.

National Land Monetisation Corp is a special purpose vehicle set up in 2022 to undertake monetisation of surplus land and assets of public sector enterprises. If the auction of BSNL's assets is successful in 2023-24, it will be the first land assets to be monetised by the corporation.

"For a very long time now, it did not have a structural board to streamline a plan of action," the official said. Currently, the asset monetisation company is without a chairman and chief executive officer.

National Land Monetisation Corp is also looking to hire international property consultants to value properties independently.

"We have had discussions and have short-listed 10–12 companies to come on board," the official said, adding that a final call on the matter will be taken in another 10–15 days.  End

Edited by Avishek Dutta

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.