Billionaire industrialist Narendra Raval is one of the richest businessmen in Kenya and Africa, having invested heavily in the manufacturing sector.
Raval is the founder of Devki Group of Companies, one of East and Central Africa’s largest manufacturers of steel, cement, and roofing materials.
A 2015 Forbes report ranked him among Africa’s 50 richest people with an estimated net worth of $500 million (Sh54 billion).
Born in 1962 into a Brahmin family in Gujarat, India, Raval spent his early years serving as a temple assistant. The Kenyan of Indian descent later relocated to Kenya, continuing with his service at a temple in Kisumu in 1978.
Four years later, he quit the temple service to join a Nairobi-based steel mill, laying the foundation for who he is today.
The closure of the factory in 1990 was a blessing in disguise for Raval who launched his first business to offer affordable building materials. The businessman partnered with his wife and launched a small hardware shop in Gikomba market.
The business bloomed and two years later, the couple established a small rolling mill in Athi River, which grew to the present-day Devki Group.
Headquartered in Nairobi, Devki Group is a privately owned conglomerate with operations in Kenya, Uganda, and the Democratic Republic of Congo.
Its subsidiaries include Devki Steel Mills Limited, Maisha Mabati Mills Limited, National Cement Uganda Limited, National Cement Company Limited, Maisha Minerals and Fertilizers Limited, Northwood Aviation Agencies Limited, Cemtech Limited and Maisha Packaging Company Limited.
Devki Group is East Africa’s leading manufacturer of key construction materials, including steel, cement, and aluminum, and boasts as the single largest employer in the Kenya’s Private Sector, employing over 14,000 people in 19 factories.
The group recently launched a Ksh71.16 billion ($550 million) steel plant in Tororo, Uganda at a high-profile ceremony attended by President William Ruto, President Yoweri Museveni, and President Paul Kagame.
Billionaire Narendra Raval seeking to mine iron ore from 7,600 acre Taita land
Modest Living
Despite being worth billions of shillings, Raval has maintained a modest living. In 2021, he told Business Daily that he did not own a wallet, ATM card, or credit card.
“I always get on a bodaboda when traffic is a mess. I remove my tie, jump on one, and pay Sh200,” the billionaire revealed.
He further revealed that at the time he owned only four suits, one pair of shoes worth Sh6,000 and a simple mobile phone.
Raval credits his success to collaboration with his wife whom they shares ideas.
“The beauty of marriage for me is that whatever problems I have, I always know they will be shared and halved,” he said as quoted by Business Daily.
“You become close friends the longer you stay together, raising children, and working towards something important for both of you,” he added.
