MoU is for $12.5 Million residential, commercial, and low-cost housing projects
FinTech BizNews Service
Mumbai, September 24, 2024: KBC Global Ltd (Previously known as Karda Construction Ltd) BSE - 541161, in the business of construction and real estate development has informed that KBC International Ltd, Ghana drop-down subsidiary of wholly owned subsidiary of KBC Infrastructure Ltd, UK has entered to Memorandum of Understanding with Liberia Special Economic Zone Authority for construction and development of projects of residential building complexes, low cost housing and Commercial space in SEZ with estimated cost of USD 12.5 million USD. The project is expected to commence from Q2 2025 and is expected to complete within three calendar years.
Liberia Special Economic Zone Authority is entity established by Government of Liberia under Special Economic Zone Act 2017 having registered office at Layaette Harmon building, Lynch St, Monrovia, Liberia. This is a second prestigious international order received by KBC Global. In June 2024, KBC Global Ltd, through its subsidiary Karda International Infrastructure Ltd, has secured a $20 million civil engineering subcontract in the soft infrastructure segment from CRJE (East Africa) Ltd. CRJE, part of the China Railway Construction Group, has a strong legacy of building railways and fivestar hotels across Africa. This contract marks KBC Global’s entry into Africa’s infrastructure development, positioning the company as a key player in the region’s growth.
On 21st September 2024, company has informed that it has successfully fulfilled its payment obligation to Capri Global Capital Ltd and has fully regularised the default on September 19, 2024. This marks a crucial step in its financial recovery efforts. Furthermore the company has entered into a favourable Memorandum of Understanding (MOU) with Capri Global Capital Limited, securing a waiver of non-financial penal interest. As of today, the outstanding balance with Capri Global Capital Ltd stands at Rs. 13.50 crore. This agreement underscores the strong relationship and trust between both parties, positioning the company for continued growth and stability. This will add more pace to construction activities of projects Hari Vasant, Hari Aakruti Phase II of the company. Established in 2007, the company specializes in developing and selling residential and residential-cumoffice projects in Nashik, India. Key projects include Hari Gokuldham, Hari Nakshtra-II Eastext Township, and more. The company focuses on residential, commercial, and contractual projects and has announced strategic expansion plans domestically and internationally.
During the month of August, 2024 the company has successfully handed over possession of 18 units from its projects - Hari Kunj Mayflower – 10, Hari Krishna Phase IV – 5, Hari Vishwa – 1 and Hari Sanskruti Phase II 2. In another development, company has informed that it has completed the construction work of its three projects including Hari Kunj Mayflower, Hari Krishna Phase IV and Hari Aakruti Phase II and Completion certificate for these projects shall be obtained from authority by the company. Since April 2024, the company has handed over possession of total 125+ residential and commercial units in Nashik, Maharashtra. This includes 86 units from the Hari Kunj Mayflower project (MAHARERA Reg no: P51600020249) and 24 units from the Hari Krishna Phase IV project, with the rest from other ongoing projects. The Board approved the appointment of Mr. Muthusubramanian Hariharan as Executive Director and CEO, effective July 09, 2024. He will serve until the next general meeting. Mr. Hariharan will lead global business development, execute the company’s strategic plan, and oversee its vision, mission, and objectives. Company in its board meeting held on July 29, 2024 considered and approved the conversion of FCCB for 60 bonds into equity shares in accordance with the revised terms.
