The Business Bytes
NASIK, APR 09, 2024 (TBB BUREAU): KBC Global Ltd, formerly known as Karda Construction Limited, a leading entity in the construction and real estate development domain, reveals its strategic roadmap for venturing into both domestic and international territories.
With its inception dating back to 2007, the company has carved a significant niche in the real estate sector, specializing in the construction and sale of residential and commercial projects in Nashik, India. The company’s operational spectrum encompasses two primary segments: construction and development of residential and commercial complexes, alongside contractual projects. Some noteworthy projects by the company include Hari Gokuldham, Hari Nakshtra-ll Eastext Township, Hari Sanskruti ll, Hari Siddhi, and Hari Samarth, among others.
Naresh Karda, Chairman and Managing Director of KBC Global Ltd, expressed his enthusiasm regarding the company’s growth prospects, stating, “We are optimistic about the avenues unfolding in both domestic and international markets. With our strategic endeavors, diversified project portfolio, and unwavering commitment to expansion, KBC Global Ltd is poised to establish itself as a significant player on the global real estate horizon.”
The real estate sector continues to exhibit promising growth trajectories, bolstered by factors such as demand-supply dynamics, regulatory frameworks, and prevailing economic conditions. Government initiatives like “Housing for All” and the Pradhan Mantri Awas Yojana further accentuate the industry’s growth potential. Additionally, the development of infrastructure megaprojects such as highways, airports, and metros contributes substantially to the expansion of the real estate market.
Moreover, KBC International Limited, a subsidiary of KBC Global Limited and a wholly-owned entity of KBC Global FZCO, has inked a Memorandum of Intent with the Federal Housing Authority (FHA) in Nigeria. This agreement underscores KBC International Limited’s intent to collaborate with FHA as an Engineering Procurement and Financing contractor for low-cost housing projects in Africa, marking the company’s debut in the international real estate arena.
To fortify its expansion endeavors, the company has successfully raised capital through the issuance of 950 foreign currency convertible bonds, valued at US$ 100,000 each. These bonds are listed on the AFRINEX Securities List of AFRINEX Limited, Mauritius, effective from January 17, 2023.
In a recent development, the Board of Directors, during their meeting held on March 29, 2024, sanctioned the revised term sheet for the funds borrowed amounting to US$ 95,000,000.00 through the issuance and allotment of 950 Unsecured Foreign Currency Convertible Bonds on November 21, 2022.
For the financial year 2022-2023, Karda Construction Limited disclosed revenues of Rs. 10,818.56 lakh, signaling its robust performance amidst evolving market dynamics.
