5 companies owned by Kenyan multimillionaire Narendra Raval

Feyisayo Ajayi -

Narendra Raval, a Kenyan multimillionaire industrialist and philanthropist, is Devki Group’s mastermind. This East African powerhouse dominates the steel, aluminum, and cement sectors, boasting an annual revenue exceeding $600 million.

Back in 2015, Raval’s wealth clocked in at a staggering $500 million, earning him a distinguished spot among Africa’s elite. He claimed the title of Kenya’s second-wealthiest individual, according to Forbes’ 2015 list of Africa’s richest individuals.

He began his career in a modest steel factory, diligently acquiring the skills necessary for steel production. In 1986, with his wife by his side, he established Devki Group, which has since grown into East and Central Africa’s primary steel product manufacturer.

Over the years, Devki Group, with annual earnings of $600 million, has expanded its horizons beyond steel to cement, reinforcement bars, and barbed wire. The National Cement Company, a part of the group’s portfolio, proudly produces Kenya’s top-selling Simba cement.

Billionaires.Africa has identified five companies owned by Raval:

  1. Devki Group
    Devki Group, headquartered in Nairobi, is a privately-owned conglomerate with subsidiaries in Kenya, Uganda, and the Democratic Republic of the Congo. Specializing in manufacturing essential building materials such as cement, aluminum, and steel, the group is a cornerstone of the East African business landscape. At the helm of this empire stands Raval, the esteemed founder and executive chairman, who maintains a majority stake in the conglomerate.
  1. Devki Steel Mills Limited
    Devki Steel Mills Limited, which initially emerged as a Single Tube Mill in Athi River, Kenya, has undergone a remarkable transformation over more than two decades. Today, it proudly stands as Kenya’s premier multi-product steel manufacturer, commanding a market share that surpasses 50 percent. This formidable steel enterprise is yet another testament to the astute leadership of Raval.
  1. National Cement Company Limited
    Established in 2008, the National Cement Company Limited (NCCL) has emerged as a cornerstone of Kenya’s cement manufacturing industry. In April 2018, NCCL clinched the title of Kenya’s largest indigenous cement manufacturer. With a vision extending beyond borders, NCCL owns the entirety of Simba Cement Uganda Limited, a cement facility located in Tororo, Uganda, boasting an annual manufacturing capacity of one million metric tonnes. Devki Group, under the skilled guidance of Raval, secures an impressive 85-percent ownership stake in NCCL.
  1. Simba Cement Uganda Limited
    Simba Cement Uganda Limited, also known as National Cement Company Uganda, is a leading cement manufacturer in Uganda. With an impressive annual production capacity of one million metric tonnes, it’s a testament to the region’s growing construction sector. The company commenced commercial production in the first half of 2018, boasting an installed capacity of 3,000 metric tonnes daily, equivalent to about 800,000 metric tonnes annually. SCUL proudly stands as a subsidiary of National Cement Company Limited, a prominent construction materials manufacturer guided by Raval.
  1. ARM Cement Limited
    Once known as Athi River Mining Limited, ARM Cement Limited has been a standout name in Kenya’s mining and manufacturing industry. This multifaceted company excels in the production of cement, fertilizers, quicklime, hydrated lime, sodium silicate, and other industrial minerals. In a significant business move, Raval acquired ARM in 2019 in a deal valued at $50 million, further cementing his influence in Kenya’s industrial landscape.