Billionaire industrialist Narendra Raval has taken part of his Devki business empire to Stanbic Bank whose chief executive officer is Joshua Oigara.
The move has seen part of Raval’s business move from KCB Group to Stanbic Bank after more than 40 years. In a report that appeared in a loca business publication, Raval says that he has found Stanbic Bank to have better rates and customer service.
Raval revealed that he has taken between 30 and 40 per cent of his business to Stanbic.
“I have taken between 30 percent to 40 percent of the business to Stanbic Bank. They have better rates and customer service. We still bank with KCB where we have been a client for more than 40 years,” the businessman told the newspaper.
The move has seen Stanbic Bank extend financing to the tune of Sh. 4.3 billion to Narendra Raval’s Devki Group in what has been interpreted as a major score for Stanbic Bank which has increased its foothold and corporate client base under the leadership of Mr. Oigara.
“The Sh. 4.3 billion term debt facility will empower National Cement to continue delivering high-quality construction inputs at competitive prices, furthering economic and infrastructure development initiatives,” Stanbic said in a statement.
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“As a key supplier across East Africa, National Cement’s operations are integral to driving growth and prosperity in the region.”
The news about the switch from KCB Group to Stanbic have come out days after Devki Group launched a multi-billion clinker factory. The factory named Cemtech Limited is located at Sebit in West Pokot County.
“The new Cemtech plant is poised to change the perception of the community in West Pokot and that of Kenya, as the plant will produce clinker for export,” said Raval. The majority of the clinker produced at this factory will be exported to East African markets.
The factory has the capacity to produce 6 metric tonnes of clinker every year, which is more than the total clinker required in Kenya of 5 million metric tonnes per year.
The new factory is expected to employ hundreds of workers who will add to the current workforce of over 10,000 Kenyans who work directly at Devki Group.
“We have over 11,000 Kenyans working directly with the group. In Uganda, we have 600 employees, while in Rwanda, we have employed 250. Our vision is that by 2027/28 after expansion, we will provide direct employment to about 25,000 Kenyans. We plan to invest over $550 million in the next four years,” said Raval.