Billionaire Raval to build a US$110m Lukenya iron sheets plant in Kenya

KENYA – Billionaire industrialist Narendra Raval, better known as Guru, is expanding his roofing-sheet manufacturing business at a reported cost of KSh11 billion (US$110m) at his Lukenya property. According to Business Daily, Mr Raval, who chairs Devki Group of Companies, said that Citibank and Barclays would fund the new business besides internally generated funds. “With this new mabati plant expansion, 700 more jobs will be created and that will add to our recently acquired KSh5 billion (US$50m) ARM Cement deal that came with an additional 1,100 employees. The upcoming steelmaking…

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Devki Group takes over rival company Athi River Mining for US$50m

KENYA – Devki Group took over the cash strapped Athi River Mining Plc which was put under administration in August last year by some of its creditors over US$190 million (Sh19.3 billion). Athi River Mining has been sold to Devki’s National Cement Company (NCC) allowing steel magnate Narendra Raval ‘Guru’ to expand his empire to the industry’s second-largest manufacturer. This brings the end of 45-year leadership by the Paunrana family. Mr Paunrana has lost his families empire, which was once the second-biggest cement maker in Kenya behind Bamburi Cement and…

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