Saturday, April 13, 2024

Meet the richest tycoons who control cement business in Kenya

Kenya is known for its thriving cement industry, with a growing demand for construction materials fueled by the country’s rapid urbanization and infrastructure development.

As a result, several billionaires have emerged in the cement business in Kenya, with the likes of Narendra Raval, Hasu Patel, and Benson Sande Ndeta commanding a significant share of the market.

In this article we will take a closer look on the tycoons who have invested in the cement industry in Kenya.

Investors behind Sh. 1.6 billion Golden Life Mall in Nakuru

Narendra Raval

Narendra Raval, popularly known as Guru, is a Kenyan industrialist, entrepreneur, and philanthropist of Indian Gujarati origin.

He is the Executive Chairman of the Devki Group of Companies, a conglomerate that manufactures steel, aluminum, and cement in East Africa. Raval is estimated to have a net worth of US$400 million as of 2015, and he ranks 46th on Forbes’ list of Africa’s richest people.

Raval’s cement manufacturing business is one of the largest in the country, having acquired struggling cement companies to expand his conglomerate.

In 2019, he bought the struggling Athi River Mining (ARM) for $50 million. Raval has also pledged to leave half of his wealth to charity and the remaining half to his children, demonstrating his commitment to philanthropy.

Hasu Patel

Hasu Patel is another billionaire who has made his fortune in the cement industry in Kenya. He is the founder and CEO of Mombasa Cement Limited, a company that has been in existence since 2007.

Mombasa Cement controls 20% of the local market and generates yearly revenues of USD 40 million. The company is one of the leading cement producers in East Africa, with a plant size of 1,663 acres and an expected expansion to almost 2,800 acres.

Mombasa Cement is also one of the most technologically advanced and environmentally friendly cement producers in the region, with an annual capacity of 1.8 million metric tonnes of cement and 1 million metric tonnes of clinker.

In addition to his cement business, Hasu Patel is the director of Corrugated Sheets Limited in Kenya and Tororo Cement Limited in Uganda.

Hasu Patel is also known for his philanthropic efforts. He started the feeding program, Sahajanad Feeding Centre, in 2008, which provides meals to over 40,000 poor individuals.

He has also created a school, Sahajanand Special School, that provides basic needs besides education for over 5,000 pupils. Hasu Patel has built concrete fences around schools and police stations for free and supplies slum residents with water.

Benson Sande Ndeta

Benson Sande Ndeta is another billionaire who has made his fortune in the cement business in Kenya. He owns the majority shares in Savannah Cement Investment, a company valued at over Sh10 billion that was founded by Chinese investors and two Kenyans named Donald Mwaura and John Gachanga.

Benson Sande Ndeta graduated with a degree in architecture from Jomo Kenyatta University of Science and Technology and has worked for different firms where he gained experience in commercial properties and luxury apartments, among others.

Benson Sande Ndeta is also involved in other business ventures such as Tran-Africa Power and Tron Logistics. He previously served as the chairman of East African Portland Cement Company and is a director of Rapid Communications Limited.

Ndeta became the chairman of Savannah Cement after buying out the Chinese investors in 2015, owning 60% of the shares, while the initial owners retained 40%. However, this has come with its challenges, leading to court battles between the shareholders.

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