KBC Global, a construction and real estate company, has, through its subsidiary KBC International, signed a memorandum of understanding with Liberia Special Economic Zone Authority for constructing a residential building complex, low-cost housing, and a commercial space at a cost of $12.5 million (about ₹105 crore).
The project is expected to commence in Q2 2025 and completed within three years. The Liberia Special Economic Zone Authority is an entity established by the Liberian government.
This is the second international order received by KBC Global after the $20 million (₹168 crore) civil engineering subcontract in the soft infrastructure segment from CRJE (East Africa), a part of the China Railway Construction Group, in June.
Early this month, the company fulfilled its payment obligation to Capri Global Capital and has fully regularised the default.
It has since entered into a favourable MoU with Capri Global Capital and secured a waiver of non-financial penal interest. The current loan outstanding with Capri Global Capital is ₹13 crore. This will add more pace to ongoing projects, the company said.
The board has appointed Muthusubramanian Hariharan as Executive Director and CEO to lead global business development.
The company has also approved the conversion of 60 foreign currency convertible bonds into equity shares in accordance with the revised terms.