Kenyan multi-millionaire steel and cement tycoon, Narendra Raval has revealed plans to invest $110 million in Kenya's steel manufacturing industry.
According to Narendra Raval, the money will be invested in opening a roofing sheet manufacturing plant in Lukenya, outside Nairobi. Raval said his company, Devki Group, will fund the construction of the manufacturing plant with its cash reserves. The company is also expected to take loans from Citibank and Barclays Bank.
However, the investment and construction of the plant are subject to approval from the Kenyan government. Narendra Raval and the Devki Group is currently seeking approval for the planned factory from the National Environment Management Authority.
The company claims that if approved, the factory will employ more than 700 people after its construction is completed in 2021. The factory will serve the demand of roofing-sheets in the East African region.
Raval has been on an aggressive expansion drive over the last two years. In February last year, his National Cement launched a $280 million cement clinker plant located in Merrueshi/Mbirikani in Kajiado County, 80 km south of Nairobi.
Earlier this year he acquired the Kenyan assets of bankrupt Cement manufacturer Athi River Mining for $50 million, and he is currently constructing two new cement factories in Njoro, Nakuru, and Mariakani in Mombasa.
Raval's Devki Group has annual revenues of more than $600 million and produces steel products, roofing sheets, and cement, among other things.
The renowned philanthropist is the author of "Guru Bhai: An autobiography of Narendra Raval". In 2015 Forbes estimated his net worth at $400 million.
About Narendra Raval
Narendra Raval of Kenya, new to Forbes list of Africa's Richest this year, is popularly referred to as 'Guru', has investments in steel, aluminum, and cement. Born in India, Raval served as an assistant priest at a Swaminarayan temple before relocating to Kenya as a teenager to serve in another temple.
Narendra Raval does not need any introduction. The 57-year-old founder of Devki Group, which produces cement, steel products, and roofing sheets (with nearly Sh100 billion annual revenues) is without a doubt one of Kenya's most successful entrepreneurs and philanthropists.
Guru, as he is fondly referred to by his friends and admirers, is completely self-made and has a combination of ruthless business strategies, tactical brilliance, and a passion for philanthropy that makes him an enviable character that any aspiring business person can learn from.
Sources: Forbes, Construction Kenya, Wikipedia
Header Image Credit: Construction Kenya