KBC Global Ltd. Enters into MOI with Federal Housing Authority, Republic of Nigeria for development of low-cost housing project in Africa, to the tune of USD 500 mn

by Shrutee Kate 

Mumbai, 25 May 2023: KBC Global Ltd. (BSE: 541161, NSE: KBCGLOBAL), a leading constructions and global business conglomerate, has announced that it has incorporated a wholly owned subsidiary of company i.e. KBC GLOBAL FZCO has incorporated a drop down wholly owned subsidiary named KBC International Limited in Ghana.

The company further informed that the step-down subsidiary of KBC Global Limited, which is the wholly owned subsidiary of KBC Global FZCO ie KBC International Limited, Ghana has entered into Memorandum of Intent with Federal Housing Authority (FHA), Republic of Nigeria. 

The Federal Housing Authority (FHA) is vested with mandate for development of housing in Nigeria and KBC International Limited expressed interest to partner with FHA as Engineering procurement and Financing contractor for development of low-cost housing project in Africa to the tune of USD 500m. 

According to the executed MOI, KBC in collaboration with the FHA, subject to statutory approval, will be Engineering procuring, constructing, designing and executing the project and in addition will provide surrounding infrastructure as well. The MOI has been entered and executed by Nkemjika Prince Ozomena, CEO, on behalf the company.

KBC Global Ltd is a First-Generation Construction Company in Maharashtra and Western India with a disciplined and professional approach. The Company is founded and promoted by Naresh Karda in the year 2007. Promoters have an experience of more than 25 years in the construction industry. The company has established a brand name "Hari" for all its projects. The company's business activity falls within two business segments - Development of Real Estate Properties and Civil Contracting Business With a customer-centric approach, KBC Global prioritizes delivering superior products and services while maintaining the highest standards of ethics and corporate governance. The company values innovation, integrity, and sustainability, striving to make a positive impact on the communities it operates in. 

KBC Global is committed to delivering exceptional quality in every project undertaken. The company adheres to rigorous quality standards and employs state-of-the-art construction techniques and materials to ensure that each structure built is durable, safe, and aesthetically appealing. KBC Global continues to contribute to the growth and development of the construction sector.