KBC Global’s new CEO and $20m infrastructure deal: What this means for the future

KBC Global Ltd (formerly Karda Construction Limited), listed on the Bombay Stock Exchange (BSE: 541161), has appointed Mr. Muthusubramanian Hariharan as Executive Director and Chief Executive Officer, effective July 9, 2024. This strategic leadership move comes as the company undertakes significant expansion efforts, including a major new infrastructure contract.

The Board of Directors at KBC Global Ltd confirmed Mr. Hariharan’s appointment during a meeting held on July 8, 2024. In his new role, Mr. Hariharan will be responsible for spearheading the company’s global business development initiatives, implementing strategic plans, and shaping the organization’s vision and mission. This appointment marks a pivotal step in KBC Global’s strategic growth trajectory as it aims to enhance its operational capabilities and market presence.

In a bid to bolster its business expansion, KBC Global Ltd has inaugurated a new corporate office located at Maitrya Business Park, opposite Cosmos Bank, Hanuman Road, Vile Parle, Mumbai. This move reflects the company’s commitment to exploring new opportunities and strengthening its foothold in key markets.

Established in 2007, KBC Global has made substantial progress in the real estate sector, focusing on residential and commercial development projects primarily in Nashik, India. Noteworthy projects by the company include Hari Gokuldham, Hari Nakshtra-II Eastext Township, Hari Sanskruti II, Hari Siddhi, and Hari Samarth, among others. KBC Global operates in two main segments: the construction and development of residential and commercial properties, and contractual projects.

In recent developments, KBC Global Ltd has successfully handed over 109 residential and commercial units from April 2024. This includes 76 units from the Hari Kunj Mayflower project (MAHARERA Registration No: P51600020249) and 19 units from the Hari Krishna Phase IV project. The company continues to deliver on its commitment to provide quality housing and commercial spaces.

KBC Global has announced a significant strategic initiative to convert 60 bonds into equity shares as part of the Foreign Currency Convertible Bonds (FCCB) issue approved in April 2024. This move is expected to bolster the company’s financial position and support its expansion plans.

In a notable achievement, KBC Global has secured a substantial subcontract worth approximately $20 million from CRJE (EAST AFRICA) Ltd. This contract, focusing on civil engineering for soft infrastructure, marks a major milestone for KBC Global. The contract was awarded through KBC Global’s wholly-owned Kenyan subsidiary, Karda International Infrastructure Limited, underscoring the company’s expanding presence in the African market.

The partnership with CRJE, a prominent player in railways and five-star hotel construction across Africa, highlights KBC Global’s growing capabilities in international infrastructure development. This contract not only demonstrates KBC Global’s commitment to contributing to Africa’s infrastructure growth but also signifies its first major step towards becoming a key player in the continent’s development.

The appointment of Mr. Muthusubramanian Hariharan as CEO and the expansion into new markets reflect KBC Global Ltd’s strategic vision for growth and operational excellence. The company’s recent achievements, including the substantial infrastructure contract and new office opening, underscore its robust position in the real estate and infrastructure sectors. With these developments, KBC Global is well-positioned to capitalize on emerging opportunities and strengthen its global footprint.

Key Points:

– KBC Global Ltd appoints Mr. Muthusubramanian Hariharan as Executive Director and CEO, effective July 9, 2024.

– The company has opened a new corporate office in Mumbai to support business expansion.

– KBC Global has delivered 109 residential and commercial units since April 2024.

– The company has secured a $20 million subcontract from CRJE (EAST AFRICA) Ltd, enhancing its presence in the African market.

– KBC Global plans to convert 60 bonds into equity shares as part of its strategic financial initiatives.