Kenyan multi-millionaire Steel and cement tycoon Narendra Raval is investing $110 million in constructing a new roofing sheet manufacturing plant in Lukenya, outside Nairobi.
According to news reports, Raval said his company, Devki Group, plans to fund the construction of the new manufacturing plant with its cash reserves and loans from Citibank and Barclays Bank.
Raval is currently seeking approval for the planned factory from the National Environment Management Authority. The upcoming factory will employ more than 700 people when it is completed in 2021 and will serve 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.