New Delhi [India], November 16 (ANI): The Department of Investment and Public Asset Management (DIPAM) has signed an agreement with World Bank under which the bank will provide advisory services to the department for asset monetization.
DIPAM is mandated to facilitate monetization of non-core assets of government CPSEs under strategic disinvestment or closure and enemy property of value of Rs 100 crore and above.
"DIPAM has a framework for monetizing non-core assets. The World Bank advisory project, approved by the Finance Minister, is aimed at analysing public asset monetization in India and benchmarking its institutional and business models against international best practices as well as supporting the development of operational guidelines and capacity building for their implementation," the Ministry said in a release.
The release said it is expected that this project would facilitate and accelerate the non-core asset monetization process and help unlock the value of these un-used/ marginally used assets which has the potential to substantially augment financial resources for further investments and growth.
Asset monetization involves the creation of new sources of revenue by unlocking value of hitherto unutilized or underutilized public assets. Internationally, it is recognized that public assets are a significant resource for all economies. (ANI)