30-Mar-2022: Merger of Film Media Units With National Films Development Corporation
Ministry of Information and Broadcasting through three different orders today transferred the mandate of production of documentaries and short films, organization of film festivals and preservation of films to the National Film Development Corporation (NFDC), a PSU working under the Ministry. Bringing all these activities under a single management will reduce the overlap of various activities and ensure better utilization of public resources. The mandate of production of feature films is already being carried out by NFDC. It will give a strong impetus to the production of films of all genres including feature films, documentaries, children films and animation films; promotion of films through participation in different international festivals and organizing various domestic festivals; preservation of filmic content, digitization and restoration of films; and distribution and outreach activities. The ownership of the assets available with these units will, however, remain with the Government of India.
By the orders issued today, the mandate of production of documentaries that was earlier done by Films Division has been completely transferred to NFDC. The legacy and brand name of Films Division will be taken further and the Production Vertical for production of documentaries in the NFDC will be named as “Films Division”.
Similarly, the organization of film festivals that was the mandate of Directorate of Films Festivals has been transferred to NFDC. This will bring the organization of different national and international film festivals under one roof, thereby bringing in more synergy and a focused international outreach. Some of the major upcoming Film Festivals to be organized by NFDC are the Mumbai International Film Festival, International Film Festival of India at Goa, and Children’s Film Festival.
The Preservation related activities that are carried out by National Film Archives of India have also been transferred to NFDC. The National Film Heritage Mission aiming at digitization and restoration of films and documentaries will now be implemented by NFDC.
Audio Visual Service is one of the 12 Champion Service sectors identified by Dept. of Commerce, and Ministry of Information & Broadcasting is the nodal Ministry for this sector. Financial incentives for audio-visual co-productions with foreign countries and for promotion of shooting of foreign films in India have also been approved by the Government to further stimulate the Audio-Visual service sector of the economy and promote creative and technical services,. This will also be spearheaded by the NFDC through its Film Facilitation Office.
Government of India has made a budgetary allocation of Rs. 1304.52 crore up to 2026 for all these activities, which will be implemented through NFDC. In order to further strengthen the NFDC, it has been decided that the revenues generated by these activities will also accrue to NFDC. The merger of Film Media Units under the Corporation will ensure a balanced and synergized development of the Indian cinema in all its genres- feature films, documentaries, children’s content, animation and short films and will lead to better and efficient utilization of existing infrastructure and manpower.
In December, 2020, the Union Cabinet had decided to merge four of its film media units, namely Films Division, Directorate of Film Festivals, National Film Archive of India, and Children’s Film Society, India with the National Film Development Corporation Ltd. by expanding the Memorandum of Articles of Association of NFDC, which will then carry out all the activities hitherto performed by them with the objective of ensuring synergy, convergence of activities & better utilization of resources. The Ministry had shared these major policy decisions in its interaction with the film industry held in Chennai and Mumbai earlier this month.
29-Mar-2022: Cabinet approves setting up of National Land Monetization Corporation (NLMC)
The Union Cabinet on 9th March 2022 has approved setting up of National Land Monetization Corporation (NLMC) as a wholly owned Government of India company with an initial authorized share capital of Rs 5,000 crore and paid-up share capital of Rs 150 crore. This was stated by Union Minister of State for Finance Dr Bhagwat Kishanrao Karad in a written reply to a question in Rajya Sabha today.
The Minister stated that NLMC will undertake monetization of surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other Government agencies. The proposal is in pursuance of the Budget Announcement for 2021-22, the Minister stated.
NLMC, the Minister listed out, has the following objectives:
- To undertake professional and orderly monetization of land and other non- core assets referred to it.
- To own, hold, manage and monetize land and building assets of CPSEs under closure and surplus land and buildings of 100% GoI owned CPSEs under strategic disinvestment.
- To advise and support monetization of surplus land assets of
- Demerged companies holding surplus land
- Other CPSEs
- To advise and assist government departments, statutory bodies/ authorities, autonomous bodies, corporations, etc. on monetisation of surplus and under- utilized non-core assets.
- To identify surplus land and building assets to create an inventory for monetization in consultation with CPSEs/other government agencies.
- to build a capable organisation with skill and competencies to enable speedier and efficient monetisation which can generate maximum value from government assets.
- To act as a repository of best practices in land monetization, assist and provide expert technical advice to DPE / DIPAM /Government of India in implementation of asset monetisation program.
The Minister further stated that NLMC would be administered by a Board of Directors. The proposed Board structure envisages a mix of senior government officials and eminent professionals in the field of real estate, banking, investment banking, construction, legal and related fields. The Board is expected to have necessary experience and expertise to steer the functioning of the NLMC in a professional manner. An eminent professional would be appointed as the Chairman of the Board, the Minister stated.
9-Mar-2022: Cabinet approves setting up of National Land Monetization Corporation as a Special Purpose Vehicle (SPV) for undertaking surplus land monetization
The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved the setting up National Land Monetization Corporation (NLMC) as a wholly owned Government of India company with an initial authorized share capital of Rs 5000 crore and paid-up share capital of Rs 150 crore. NLMC will undertake monetization of surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other Government agencies. The proposal is in pursuance of the Budget Announcement for 2021-22.
With monetization of non-core assets, Government would be able to generate substantial revenues by monetizing unused and under-used assets.
At present, CPSEs hold considerable surplus, unused and under used non-core assets in the nature of land and buildings. For CPSEs undergoing strategic disinvestment or closure, monetization of these surplus land and non-core assets is important to unlock their value. NLMC will support and undertake monetization of these assets. This will also enable productive utilization of these under-utilized assets to trigger private sector investments, new economic activities, boost local economy and generate financial resources for economic and social infrastructure.
NLMC is also expected to own, hold, manage and monetize surplus land and building assets of CPSEs under closure and the surplus non-core land assets of Government owned CPSEs under strategic disinvestment. This will speed up the closure process of CPSEs and smoothen the strategic disinvestment process of Government owned CPSEs. These assets may be transferred to NLMC to hold, manage and monetize these assets. NLMC will also advise and support other Government entities (including CPSEs) in identifying their surplus non-core assets and monetizing them in a professional and efficient manner to generate maximum value realization. In these cases (e.g., on-going CPSEs and listed CPSEs under strategic disinvestment), NLMC will undertake surplus land asset monetization as an agency function. It is expected that NLMC will act as a repository of best practices in land monetization, assist and provide technical advice to Government in implementation of asset monetization programme.
NLMC will have necessary technical expertise to professionally manage and monetize land assets on behalf of CPSEs and other Government agencies. The Board of Directors of NLMC will comprise senior Central Government officers and eminent experts to enable professional operations and management of the company. The Chairman, non-Government Directors of the NLMC will be appointed through a merit-based selection process.
Recognizing the wide range of specialized skills and expertise required for asset monetization in real estate market research, legal due diligence, valuation, master planning, investment banking, land management etc. It has been decided to hire professionals from the private sector, similar to other specialized Government companies like National investment and infrastructure Fund (NIIF) and Invest India. NLMC will be a lean organization with minimal full time staff, hired directly from the market on contract basis. Flexibility will be provided to the Board of NLMC to hire, pay and retain experienced professionals from the private sector.
Going forward, Department of Public Enterprise, Ministry of Finance, will set up the company and act as its administrative ministry.
29-Mar-2022: India’s Efforts to Attain Self-Reliance in Critical and Strategic Minerals
In order to ensure mineral security of the nation and to attain self-reliance in the area of critical and strategic minerals, the Ministry of Mines has created a Joint Venture company namely Khanij Bidesh India Ltd (KABIL) with participating interest of NALCO, HCL and MECL. KABIL is mandated to identify and acquire overseas mineral assets of critical and strategic nature such as Lithium, Cobalt etc. This initiative aimed at giving further fillip to AtmaNirbhar Bharat will cater to the requirements of crucial sectors such as e-mobility, renewable energy, medicine, aerospace, aviation etc.
Based on a commissioned study and selection criteria, select source countries have been shortlisted for exploring possibilities of mineral asset acquisition abroad. So far, engagements are underway with select source countries such as Australia, Argentina, Bolivia, Chile etc. which are endowed with the cited critical and strategic minerals specifically Lithium and Cobalt in hard rock formations as in Australia and Lithium as brine in the huge tract of SALARs as in Latin American countries. The interface has been the respective Embassies and Missions of India in those countries for sharing of information with respect to prospective mineral acreages primarily with state owned organisations for taking up due diligence and investment decisions.
Pursuant to the engagement with Australia, during the apex level discussion between the Hon'ble Premier of Australia and Hon'ble Prime Minister of India held on 3rdJune 2020, a G2G MoU was signed between Government of India and the Government of Australia through Ministry of Mines and Critical Minerals Facilitation Office (CMFO) respectively for co-operation in the field of mining and processing of Critical and Strategic Minerals.
Under aegis of the G2G MoU, now a detailed MoU with a collaborative framework has been signed between KABIL and Critical Minerals Facilitation Office (CMFO), under the Department of Industry, Science, Energy and Resources (DISER), Government of Australia on 10th March 2022 for carrying out joint due diligence of select Greenfield and Brownfield projects to identify Lithium and Cobalt mineral assets for final joint investment decisions and acquisition of the assets in Australia catering to the critical & strategic ecosystem of both the countries. Both India & Australia has committed an initial investment of USD 6 Million for the joint due diligence process in the 50:50 ratio of participating interest. The MoU has also outlined inclusion of any other CPSE as investment partner in the asset acquisition process. An estimated timeline of six months have been envisaged for the due diligence process & further investment decisions.
As part of the ongoing bilateral engagements between Australia and India, the second India-Australia Virtual Summit between Prime Minister Shri Narendra Modi, Mr. Scott Morrison MP, Prime Minister of Australia was held on21stMarch 2022. Both the Leaders noted that the global low carbon transition requires rapid development of clean technologies and equitable access to critical minerals. They welcomed the signing of a Memorandum of Understanding between KABIL, India and CMFO, Australia for joint cooperation on critical minerals projects. The key principles and objectives of this MoU are as following:
- To provide a collaborative framework for building an Australia- India partnership in critical mineral eco-system;
- To support strategic national interest and commercial investment in Australian critical mineral projects; and
- To develop a robust and commercially viable critical minerals supply chain with the purpose to foster innovation, to support sustainable production and to ensure reliable supplies of the materials needed to fuel sectors like transport, energy, telecommunications, medicine, aviation and defense.
1-Aug-2019: KABIL Set up to Ensure Supply of Critical Minerals
A joint venture company namely Khanij Bidesh India Ltd. (KABIL) is to be set up with the participation of three Central Public Sector Enterprises namely, National Aluminium Company Ltd.(NALCO), Hindustan Copper Ltd.(HCL) and Mineral Exploration Company Ltd. (MECL).
The objective of constituting KABIL is to ensure a consistent supply of critical and strategic minerals to Indian domestic market. While KABIL would ensure mineral security of the Nation, it would also help in realizing the overall objective of import substitution.
The sustained source of mineral and metal commodities is imperative for the transportation and manufacturing segment. Recalling the commitment at the UN Climate Change Conference, Pairs, 2015, where India has pledged to reduce greenhouse gas emissions and opting a greener mode of transportation, the Prime Minister has been emphasizing upon Electric Vehicle Mobility. Therefore it is important to ensure energy storage through batteries. Further segments like Aviation, Defence and Space Research also require minerals with lower weight and high mechanical strength. Among such twelve minerals identified as strategic minerals, which have meagre resource base, Lithium Cobalt are significant.
The KABIL would carry out identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting country’s requirement of these minerals. The sourcing of these minerals or metals is to done by creating trading opportunities, G2G collaborations with the producing countries or strategic acquisitions or investments in the exploration and mining assets of these minerals in the source countries. The new company will help in building partnerships with other mineral rich countries like Australia and those in Africa and South America, where Indian expertise in exploration and mineral processing will be mutually beneficial bringing about new economic opportunities. The equity participation between NALCO, HCL and MECL is in the ratio of 40:30:30
The joint venture agreement was signed in the presence of Shri Pralhad Joshi, Hon’ble Minister of Mines, Coal and Parliamentary Affairs. Shri Anil Mukim Secretary (Mines) and other senior officers were also present.