Stanchart backs Devki Steel Mills with US$3m funding as part of its Covid-19 financing initiative

KENYA – Standard Chartered Bank Kenya, a subsidiary of the British multinational financial conglomerate Standard Chartered headquartered in London, has allocated US$3 million funding to Devki Group which is the bank’s Covid-19 financing initiative to support companies and communities during Covid-19 recovery. Devki utilized part of the financing to supply oxygen cylinders to hospitals across the country which are serving individuals affected by the Covid-19. Devki Group Chairman Narendra Raval, said, ‘’This financing enabled us to fund a noble cause by supplying free oxygen cylinders to both public and private hospitals…

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Competition authority approves Cemtech’s acquisition by Simba Cement Limited

KENYA – The Competition Authority of Kenya (CAK) has approved the acquisition of Cemtech Limited a Kenyan cement business by Simba Cement Limited in a move that is set revamp the factories operations after several failed attempts to start operations. The regulator gave Simba Cement, a subsidiary of the Devki Group of Companies, the go-ahead to buy 100 percent of the business and assets of Cemtech owned by Indian conglomerate Sanghi Group. According to a reports by Business Daily Devki Group will acquire all Cemtech’s land, intellectual property, business records,…

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