Kenyan billionaire Narendra Raval to build $85-million iron-ore processing plant

Omokolade Ajayi -

Key Points

  • Kenyan billionaire Narendra Raval unveils an $85-million iron ore processing plant in Taita Taveta, boosting local mining and job creation.
  • Narendra Raval’s plant will involve local artisanal miners, providing equipment and opportunities to supply iron ore.
  • Devki Group, led by Narendra Raval, grows with Cimerwa acquisition and new clinker factory project, strengthening its market presence.

Kenyan billionaire Narendra Raval, founder and chairman of the Devki Group is set to build an $85-million iron-ore processing plant in Taita Taveta County, southeast of Nairobi. The new facility, which will be situated on a 202.4-hectare site in Ngolia, Voi sub-county, marks a significant expansion for the company.

The move comes after the Devki Group acquired the land from the Mbulia community, close to the iron-ore-rich Kishushe area. The plant is expected to play a crucial role in the local economy by enhancing the region’s mining capabilities and providing new job opportunities.

Devki Group to create jobs, empower communities with new iron ore plant

During the land transfer ceremony, Mining PS Elijah Mwangi praised the development as a milestone for Kenya’s mineral sector. “Value addition for minerals remains a central plank in supporting the creation of jobs and empowerment of communities to build economic resilience in Kenya,” Mwangi said. He urged local leaders and the community to collaborate with Devki Group to ensure the project’s timely completion.

Narendra Raval, the founder and chairman of Devki Group, emphasized the plant’s role in supporting artisanal miners. “We are roping in all artisanal miners in the area so that they can benefit. Everybody will be given the opportunity to supply iron ore to the plant,” Raval stated. The initiative will include providing miners with equipment to enhance production and ensure a steady supply of raw materials.

Kenyan tycoon expands building materials empire

Devki Group, founded by Narendra Raval and his wife in Nairobi in 1986 as a small steel-processing and trade enterprise, has grown into the largest manufacturer of building materials and steel products in East and Central Africa. Raval, who was valued at $400 million in 2015, has been actively expanding his business empire.

Earlier this year, Devki Group acquired Rwanda’s Cimerwa Plc for $84.3 million, marking another significant milestone. The acquisition, involving a 99.94-percent stake, will lead to Cimerwa’s delisting from the Rwanda Stock Exchange.

In addition to these ventures, Devki Group’s subsidiary, Cemtech, is preparing to establish a clinker factory in Kitui. The proposed facility, with a daily capacity of 5,500 tonnes, is undergoing an environmental impact assessment as it aims to solidify Raval’s dominance in the clinker production sector.