Industrialist Narendra Raval has pledged investments worth over Sh200 billion in the past five years, expanding his steel and cement empire beyond Kenya into Uganda and Rwanda.
His investments include the recent Sh70 billion cement and clinker plant in Ngaaie, Kitui County, a Sh45 billion clinker factory in West Pokot, the acquisition of Rwanda’s CIMERWA Plc for Sh13.6 billion and a proposed clinker plant in Musanze, Rwanda, estimated at about Sh27 billion.
The projects point to an aggressive regional push by Mr Raval to consolidate his position among East Africa’s wealthiest industrialists.
Mr Raval’s expansion drive has seen him deepen his presence in Uganda and Rwanda, building on a business journey that began modestly with a hardware shop in Nairobi’s Gikomba Market before growing into a regional industrial empire.
Most of his recent deals are concentrated in Kenya, where, riding on his close relationship with President William Ruto, he has sought to build cement and steel factories as he tightens his grip on the two core construction materials.
Mr Raval’s commercial empire straddles steel, cement, infrastructure and aviation.
He is the founder and chairman of Devki Group of Companies, through which he has established a significant presence in the steel and cement sectors in the region.
After acquiring a 99.94 percent stake in Rwanda’s CIMERWA Plc for Sh13.6 billion in 2024, Mr Raval’s group signed a 15-year industrial quarry licence agreement with the Rwandan government in 2025, paving the way for a proposed $190 million (about Sh27 billion) clinker manufacturing plant in Musanze District.
The proposed factory is intended to help Rwanda reduce its dependence on imported clinker. The investment is separate from a pledge of up to $60 million by National Cement to modernise CIMERWA, although the extent of any overlap between the two budgets has not been established.
Although reports have emerged of Mr Raval, popularly known as Guru because of his priestly background, venturing into new areas such as fertiliser, the bulk of his investments have been in the steel and cement industries.
His investments across the cement and steel value chains have strengthened his position in both sectors, which are critical to the construction industry in Kenya and the region.
The new Ngaaie factory, which will manufacture clinker-the raw material used to make cement-adds to the Sh45 billion clinker plant that his subsidiary, Cemtech, launched in Sebit, West Pokot in 2024.
The Sebit plant was designed to produce about two million tonnes of clinker annually.
By investing in the production of key inputs such as clinker and virgin steel, as well as finished products such as cement and roofing sheets, the businessman has established a presence across multiple stages of the supply chain.
His critics have raised concerns over what they view as anti-competitive practices, as Devki expands its clinker production capacity, strengthening its position in the supply chain for cement, a key construction material.
Even as Devki has grown into a major supplier of clinker to other cement manufacturers without their own clinker plants, it competes with some of these players through its Simba Cement brand.
This has raised concerns among smaller manufacturers about their access to clinker, an essential input in cement production. The extent to which supply constraints have affected individual manufacturers, however, requires company-specific evidence.
Mr Raval’s story began in Gujarat, India, where he was born into a poor family. He came to Kenya in 1978 as a teenager to serve as a priest at a Hindu temple, before later moving into business.
He began trading in steel and construction materials, including through a hardware shop in Nairobi’s Gikomba Market.
Over time, he moved from trading into manufacturing, building the industrial group that would become Devki.
His business expanded into steel processing and roofing sheets before he ventured into cement manufacturing. Through acquisitions and new factories, the group gradually developed interests across the construction materials supply chain.
In 2015, Forbes included Mr Raval on its list of Africa’s 50 richest people, estimating his net worth at $400 million, then equivalent to about Sh52 billion.
His wealth has since been tied to the expansion of his manufacturing businesses, although current estimates vary.
Mr Raval has also maintained close relationships with political leaders in Kenya and India.
He has spoken of his relationship with Indian Prime Minister Narendra Modi, whom he knew before the latter’s rise to the country’s highest office.
Mr Raval has also been photographed with several Kenyan presidents, including Daniel arap Moi, Mwai Kibaki, Uhuru Kenyatta and Ruto.
His political connections have been particularly visible during the Ruto administration, with the President attending major Devki investment launches.
At the commissioning of the Sebit clinker plant in April 2024, Mr Raval publicly praised Dr Ruto and said he wished the President would remain in office for at least 25 years.
‘May God give him 100 years of life. I wish that we have this President for at least 25 years, hii nchi itabadilika (this country will change),’ Mr Raval was quoted saying in media reports of the event.
The remarks attracted attention because Kenya’s Constitution limits presidents to two five-year terms. They also highlighted the close relationship between the President and an industrialist whose factories supply materials used in construction and infrastructure projects.
Mr Raval’s recent expansion builds on investments made over more than a decade.
Between 2011 and 2012, National Cement developed its Lukenya cement plant, with an initial reported cost of Sh2 billion, followed by a separate expansion plan valued at Sh13 billion.
In 2013, Devki announced a Sh6.6 billion coated metal sheet plant, while National Cement outlined a capacity expansion programme reported at up to Sh21.7 billion.
Two years later, National Cement announced an Sh18.5 billion cement factory in Mbale, Uganda, expanding the group’s manufacturing footprint beyond Kenya.
In 2017, the group announced a Sh3 billion cement plant in Mariakani, Kilifi County. It also developed the Salgaa cement plant in Nakuru.
Another major project was the integrated clinker and cement plant at Merrueshi/Mbirikani in Kajiado County, reported at Sh30.3 billion.
In 2019, Devki acquired the Kenyan assets of collapsed cement maker Athi River Mining (ARM) for Sh5 billion, strengthening its position in the cement market. The assets include ARM’s limestone mining licences, giving it a foothold in the manufacture of clinker.
Limestone deposits are used to manufacture clinker.
The acquisition also brought industrial assets that the group subsequently sought to upgrade.
In 2021, the group announced a Sh1.8 billion upgrade to its fertiliser business, with plans to increase production capacity.
Mr Raval also invested in a roofing sheet plant in Lukenya, with reports putting the cost at Sh11 billion or Sh11.9 billion. The project was announced in 2019, although some later reports described it as a more recent investment.
His steel ambitions culminated in the Kwale raw steel plant, which began operating in 2022.
Reported cost estimates vary, with earlier figures covering different phases and a later estimate from Mr Raval putting the investment at about Sh29 billion. The figures should not be added together because they appear to describe the same project at different stages.
Since 2022, Mr Raval’s group has expanded its footprint through investments in steel, cement and clinker production, as well as the acquisition of established businesses.
In Rwanda, the acquisition of CIMERWA in 2024 gave National Cement control of an existing cement producer.
The proposed Musanze clinker plant would extend the group’s presence further into the supply of cement-making inputs.
In Uganda, Devki has pursued access to iron ore to feed its Kenyan steel operations. In 2023 and 2024, reports emerged of an arrangement permitting the export of Ugandan iron ore to Kenya. This is a supply arrangement rather than a factory investment and should not be added to the group’s capital expenditure.
In November 2025, Mr Raval’s group also broke ground on a planned $500 million steel plant in Tororo, Uganda, in a ceremony attended by presidents Ruto and Yoweri Museveni of Uganda.
The proposed facility is expected to expand the group’s regional steel production capacity.