Billionaire steel industrialist and philanthropist Dr Narendra Raval, the executive chairman of Devki Group has spoken about how Kenyan companies and employers are trying to navigate the tough times as Kenya’s economy struggles to stabilise, amid internal and external pressures
Dr Raval, during an interview with Citizen TV’s Jeff Koinange on Wednesday, April 12, said that his company has employed 11,000 Kenyans who depend on the firm to earn a living and support their families.
“My 11,000 people whom I see working and going home smiling, keep me going every day because that is what is giving me the motivation to go to work,” he said.
The billionaire revealed that in a month, his company which has operations in 10 counties, uses about Sh2 billion in overhead costs, including paying bills and salaries.
This means that the company requires more than that amount, translating to a target of over Sh100 million in daily revenue.
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“We have to look for Sh100 million every day apart from Sunday,” he said.
Of the Sh2 billion overheads, Raval said electricity bills take up upto Sh900 million, adding that he suspected that his steel operation was Kenyan Power’s largest consumer.
"When it is low season we pay Sh700 million to Kenya Power otherwise we pay Sh800 million to Sh900 million every month," said Raval.
The billionaire, who started his steel business from a shop in Nairobi’s Gikomba area, said that he was confident that the economy would rebound, praising Kenyans for being prayerful, hard-working and resilient.
During the interview, Raval also disclosed that he has never conducted business with the government nor participated in any tendering process.
“I have never done work with the government and I don’t supply to the government. It is in my company policy to never fill any tenders or dealings with the government...Mimi ni pastor. I want to work in the right way,” he said.
In 2021, Dr Raval dropped his offer to pump Sh5 billion into struggling Mumias Sugar after politicians from the region meddled.
The billionaire philanthropist added that 50% of his income goes to charity.