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Narendra Raval built Kenya's biggest cement and steel empire from a small hardware shop in Gikomba Market, but mounting tax battles and political scrutiny are now testing his limits.
Narendra Raval Devki Steel has opened negotiations with Kenya Revenue Authority in a Sh1.6 billion VAT dispute over factory equipment imports
Shareholders at Kishushe Ranch in Kenya’s Taita Taveta county unanimously approved Devki Group’s mining plans, with officials promising jobs and road upgrades.
From Lagos to Casablanca, homegrown moguls turned limestone into fortunes, reshaping Africa’s cement map and building booms.
Devki’s $500 million Tororo steel plant, launched by Museveni and Ruto, aims for 15,000 jobs and a million tonnes a year.
Kenyan billionaire Narendra Raval launches a $550 million steel plant in Uganda, expanding Devki Group’s regional footprint.
Kenya’s Competition Tribunal has upheld a $2.2 million fine against Narendra Raval’s Devki Steel and six other firms for alleged price-fixing and import restrictions.
The application covers 30.8 square kilometers, or about 7,610 acres. Iron ore, which is mainly used to make pig iron, is a key raw material in steel production.
Auditor-General Nancy Gathungu has warned that granting tax waivers without a proper legal basis could open the floodgates to abuse.
Land dispute stalls Kenyan businessman Narendra Raval’s iron plant in Voi as county disowns lease, citing illegal leadership deal.
Devki Group’s $84.7-million iron ore plant in Kenya promises to create 14,000 jobs, strengthen local mining, and drive the country’s industrial growth.
Devki Group’s $30.8-million tax dispute with the Kenyan government heads to court, challenging the revocation of tax exemptions and its impact on industrial growth.
Under Raval’s leadership, Cemtech has submitted an environmental impact assessment (EIA) report to the National Environment Management Authority (NEMA) for review.
The news of this substantial credit facility coincides with Narendra Raval’s decision to shift a significant portion of Devki Group’s business accounts to Stanbic Bank Kenya.
Devki Group Founder and Chairman Narendra Raval announced the completion of the acquisition, expressing enthusiasm about the prospects it holds for both countries.