To develop 6 lakh acres, waqf PSU set to launch IPO by year-end

NAWADCO was established with an authorised share capital of Rs 500 crore and a paid up capital of Rs 100 crore

GN Bureau | May 3, 2014



The National Waqf development Corporation (NAWADCO), a three-month-old public sector firm set up by the UPA government to develop 6 lakh acres of Waqf land, is set to launch its IPO by the end of the year, according to a newspaper report.

NAWADCO, a central PSU under the ministry of minority affairs, was established in January with an authorised share capital of Rs 500 crore and a paid up capital of Rs 100 crore. It was the first step in setting up Shariah compliant financial institutions for building infrastructure for the welfare of the community. It was one of the recommendations of the Sachar Committee.

India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Waqf properties and the annual income from these is about Rs 163 crore. The IPO would be the first time a corporation tasked with the development of Waqf properties is entering the market.

The Sachar Committee had estimated that such properties, if properly developed, with a minimum return of 10 per cent, would be capable of generating an income of Rs 12,000 crore per annum.

Comments

 

Other News

Report of India’s G20 Task Force on Digital Public Infrastructure released

The final ‘Report of India’s G20 Task Force on Digital Public Infrastructure’ by ‘India’s G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development’ was released in New Delhi on Monday. The Task Force was led by the

How the Great War of Mahabharata was actually a world war

Mahabharata: A World War By Gaurang Damani Sanganak Prakashan, 317 pages, Rs 300 Gaurang Damani, a Mumbai-based el

Budget expectations, from job creation to tax reforms…

With the return of the NDA to power in the recently concluded Lok Sabha elections, all eyes are now on finance minister Nirmala Sitharaman’s full budget for the FY 2024-25. The interim budget presented in February was a typical vote-on-accounts, allowing the outgoing government to manage expenses in

How to transform rural landscapes, design 5G intelligent villages

Futuristic technologies such as 5G are already here. While urban users are reaping their benefits, these technologies also have a potential to transform rural areas. How to unleash that potential is the question. That was the focus of a workshop – “Transforming Rural Landscape:

PM Modi visits Rosatom Pavilion at VDNKh in Moscow

Prime minister Narendra Modi, accompanied by president Vladimir Putin, visited the All Russian Exhibition Centre, VDNKh, in Moscow Tuesday. The two leaders toured the Rosatom Pavilion at VDNKh. The Rosatom pavilion, inaugurated in November 2023, is one of the largest exhibitions on the histo

Let us pledge to do what we can for environment: President

President Droupadi Murmu on Monday morning spent some time at the sea beach of the holy city of Puri, a day after participating in the annual Rath Yatra. Later she penned her thoughts about the experience of being in close commune with nature. In a message posted on X, she said:

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter