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Devki Steel to Invest in Roofing Steel Plant Near Nairobi in Kenya

Steel News - Published on Tue, 19 Nov 2019

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Forbes reported that Kenyan steel and cement tycoon Mr Narendra Raval is investing USD 110 million in constructing a new roofing sheet manufacturing plant in Lukenya, outside Nairobi. Devki Group plans to fund the construction of the new manufacturing plant with its cash reserves and loans from Citibank and Barclays Bank. Mr 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.

Mr Raval’s Devki Group has annual revenues of more than USD 600 million and produces steel products, roofing sheets and cement among other things.

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Posted By : Rabi Wangkhem on Tue, 19 Nov 2019
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