KBC Global Limited hands over possession of 109 residential-cum-commercial units in projects in Nashik from April 2024

KBC Global Limited (formerly known as Carda Construction Limited) BSE – 541161, a leading player in the construction and real estate development sector has handed over possession for over 100 residential cum commercial units in its various ongoing projects in Nashik, Maharashtra. The group has handed over possession of a total of 109 units from April 2024.

The company handed over 76 units of Hari Kunj Mayflower project, 19 units of Hari Krishna Phase IV project.

Out of the total units handed over during the period, the company has handed over possession of 76 units of Hari Kunj Mayflower (MAHARERA Registration No.: P51600020249) project, a residential cum commercial project located at Karmayogi Nagar, Nashik, Maharashtra – 422 009. In the Hari Krishna Phase IV project, the company has handed over 19 units with the remaining from other projects.

The Board of Directors, in its meeting held today i.e. July 08, 2024, approved the appointment of Muthususubramaniam Hariharan as Executive Director and CEO of the Company with effect from July 9, 2024, who will hold the office till the date of the next General Meeting.

Established in 2007, the company has made significant strides in the real estate industry, specializing in the development and sale of residential and residential-cum-office projects in Nashik, India. The company operates primarily in two segments: construction and development of residential and commercial projects, and contractual projects. Notable projects of the company include Hari Gokuldham, Hari Nakshatra-II Eastext Township, Hari Sanskriti II, Hari Siddhi and Hari Samarth etc. The company has also announced strategic plans for expansion in both domestic and international markets. In the month of April 2024, the Board of Directors considered and approved the conversion of a total of 60 bonds into equity shares as per the terms and conditions of the issue of FCCB.

The real estate sector is poised for continued growth, driven by factors such as supply and demand dynamics, regulatory framework and overall economic conditions. Government initiatives such as “Housing for All” and Pradhan Mantri Awas Yojana further underline the growth potential in the industry. Additionally, infrastructure megaprojects such as highways, airports and metros are contributing to the expansion of the real estate market.

Recently, the company has been awarded a significant sub-contract by CRJE (East Africa) Limited worth approximately US$20 million. CRJE is a modern enterprise with a rich history of building railways and five-star hotels across Africa. This significant contract focuses on the civil engineering segment of soft infrastructure and represents a major milestone for KBC Global. The contract was secured through KBC Global’s wholly owned Kenyan subsidiary, Carda International Infrastructure Limited, underscoring the company’s expansion into the African market.

This contract award highlights KBC Global’s growing capabilities and reputation in international infrastructure development. The project is a testament to the company’s commitment to contributing to Africa’s infrastructure development, marking its first major step towards becoming a major player in the development of the continent. With this achievement, KBC Global is set to make a significant contribution to East Africa’s infrastructure landscape, aligning with the region’s ambitious growth and development goals.

Originating from the TAZARA Construction Aiding Team of Jianchang Engineering Bureau under the Ministry of Railways of China, CRJE is also part of the prestigious China Railway Construction Group Company, established to promote business development in East Africa.

In fiscal year 2022-2023, Carda Construction Limited recorded revenue of Rs. 10,818.56 lakh.

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