Billionaire Narendra Raval Offers Ksh5 Billion to Save Mumias Sugar Company

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Devki Group Chairman, Narendra Raval

The president of the Devki group, billionaire Narendra Raval is staking a multi-billion claim in the relaunch of the once flourishing Mumias Sugar Company.

Raval plans to invest Ksh 5 billion in the sugar mill, which shut down in September 2019 due to unpaid loans.

In the leasing plan, Ksh 4 billion will be used to reorganize the dilapidated processing plant while Ksh 1 billion will be used to encourage farmers to return to sugarcane cultivation.

The business tycoon intends to pay the monthly dues owed to the banks, cover the factory’s operating expenses, and pay the farmers.

Raval is one of eight people who have been shortlisted to take over Mumias through leasing.

He said he was keen to create jobs in the region which suffered from the collapse of their lifeline.

“My main objective will be to revive the factory and give back the livelihood to over a million people who relied on the firm,” he said.

 

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