### **Overview** Dharan Infra-EPC Limited (DIL) is an emerging infrastructure and power engineering, procurement, and construction (EPC) company with growing domestic and international operations. While the company appears to be expanding into new geographies and sectors through strategic partnerships and subsidiaries, it is closely associated with the Karda Group—rebranded and restructured under **KBC Global Limited**, formerly known as **Karda Constructions Limited (KCL)**—a leading real estate and infrastructure development group based in Nashik, Maharashtra. DIL's recent developments signal a strategic shift toward renewable energy and global infrastructure projects, positioning it at the intersection of real estate, EPC contracting, and international development. --- ### **Key Recent Developments (2023–2025)** #### **November 2025** - Ongoing monitoring of DIL’s progress on solar and international projects continues into this reporting period. #### **October 2025** - **₹215 Crore Solar Project Win**: Dharan Infra Solar Private Limited, a **subsidiary of Dharan Infra-EPC Limited**, secured a major EPC contract worth **₹215 crore** for a **75 MW AC solar photovoltaic project**. - The project involves full-scope responsibilities: design, engineering, procurement, installation, and commissioning. - To be developed across **nine sites in Nanded District, Maharashtra**. - Expected completion between **FY 2025–26 and FY 2026–27**, aligning with India’s renewable energy targets. #### **April 2025** - **Funding for Buchanan Port Project (Liberia)**: KBC Global Limited announced plans to utilize fundraising proceeds to finance **DIL’s participation in the Buchanan Port Integrated Industrial Development Project in Liberia**. - Aims to develop a **regional maritime and logistics hub** in collaboration with the **Special Economic Zone Authority of the Republic of Liberia**. - Marks DIL’s entry into African infrastructure development and underscores its global ambitions. #### **July 2024** - **Entry into East Africa Market**: KBC Global secured a **major infrastructure contract in East Africa**, marking its emergence as a key player in **international project development** and its **first significant footprint on the African continent**. - Reflects the group's strategic diversification beyond India and enhances DIL’s potential for cross-border EPC execution. - **Leadership Appointment**: Mr. **Muthusubramanian Hariharan** was appointed as **Executive Director and CEO** of KBC Global Ltd in July 2024, tasked with leading global business development and driving international expansion, including DIL’s overseas ventures. - **Corporate Expansion**: A new corporate office was launched in **Mumbai (Maitrya Business Park, Vile Parle)**, strengthening operational infrastructure for pan-India and global outreach. #### **April 2024** - **Conversion of FCCBs**: The board approved the conversion of **60 foreign currency convertible bonds (FCCBs)** into equity shares, improving capital structure and supporting long-term financing for infrastructure projects. --- ### **Strategic Structure & Subsidiaries** - **KBC Global Ltd (formerly Karda Constructions Ltd)** is the parent entity that houses diverse business interests, including Dharan Infra-EPC. - **Key Entities**: - **KBC Global FZCO (Dubai)**: Wholly-owned subsidiary and international arm. - **KBC International Ltd (Ghana)**: Step-down subsidiary under Dubai entity; facilitates African operations. - **Dharan Infra Solar Pvt. Ltd.**: A special-purpose vehicle under DIL focused on renewable energy projects. - **Ownership & Leadership**: Founded in 2007 by **Mr. Naresh Karda**, who serves as **Chairman & Managing Director** of KBC Global Ltd. The company operates under strong promoter leadership with deep roots in Nashik’s real estate and construction sectors. --- ### **Core Business Segments** DIL operates within a broader ecosystem focused on: 1. **Renewable Energy (Solar EPC)**: - Recent 75 MW solar project in Maharashtra highlights growing focus on clean energy. - Potential pipeline in utility-scale solar across India. 2. **International Infrastructure Development**: - Active projects in **Liberia and East Africa** signal intent to become a pan-African infrastructure partner. - Strategic MoUs and contracts in low-cost housing and port-led industrialization. 3. **Domestic Real Estate & Civil Contracting**: - KBC Global remains a **market leader in affordable and mid-income housing in Nashik**, operating under the strong **"Hari" brand**. - Notable projects include Hari Gokuldham, Hari Sanskruti II, Hari Samarth, and Hari Laxmi Phases I–III. - Civil contracting arm has executed **government projects in Maharashtra and Goa**, including: - Reconstruction of Shahapur Bus Station (Thane) - 100-bed Maternal Health Wing, Nashik District Hospital - Low-cost housing and police quarters 4. **Joint Development Model**: - Asset-light approach involving partnerships with landowners, reducing capital intensity. - Enables faster project launches and improved ROI. 5. **Consultancy & Advisory Services**: - Offers real estate and infrastructure consulting using in-house expertise. --- ### **Financial Highlights & Growth Metrics** - **FY 2022–23 Revenue**: ₹10,818.56 crores (₹1,081.856 crore) - **FY 2019–20 Total Income**: ₹1,183.34 million (approx. ₹118.33 crore), with ~87% from real estate. - **Land Bank**: Over **7 lakh sq. ft.** of prime land in Nashik and surrounding areas. - **Project Pipeline**: - Value of ~₹1,185 crore in real estate (as of Aug 2021). - 70% expected to be launched by 2025. - **Funding Strategy**: - Issued **950 FCCBs at US$100,000 each** (Jan 2023), listed on AFRINEX, Mauritius—total raise: **$95 million**. - Funds deployed for international expansion, including Africa and Liberia projects. --- ### **Strategic Focus Areas (2024–2026)** - **Geographic Diversification**: Expansion in **West Africa (Nigeria, Ghana, Liberia)** and **East Africa**, leveraging KBC’s subsidiaries. - **Sectoral Diversification**: From real estate to **renewables (solar), logistics hubs, and government infrastructure projects**. - **Brand & Market Position**: - “Hari” brand has strong recall in **Greater Nashik** (~70% market presence). - Awards include *‘Iconic Budget Home’ (2019)* and *‘The Most Preferred Real Estate Company’ (My Maharashtra Awards, 2019)*. - **Operational Excellence**: - In-house engineering, construction, sales, and marketing capabilities. - Emphasis on **timely delivery**, **RERA compliance**, and **transparent operations**. - Adoption of **digital platforms** for e-bookings and remote customer engagement (accelerated during pandemic). - **Sustainability & Demand Shifts**: - Responding to rising demand for **spacious, sustainable, and self-sustaining communities**. - Focus on **capsule homes, integrated townships, and holiday homes**. --- ### **Notable Leadership & Experience** - **Mr. M. Hariharan** (via Hicommands Private Limited): - Led a **$15 million OLPC (One Laptop Per Child)** initiative across **900 schools in East Africa**. - Partnered with Indian state governments to establish **cyber schools for 75,000 students**. - Brings cross-continental education and infrastructure experience to guide DIL’s global strategy.