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Kenyan billionaire businessman, Narendra Raval beats Africa’s richest man, Aliko Dangote, to walk away with cement processor plant for $50 million - 3 weeks ago, 16:45

Kenya’s billionaire businessman, Narendra Raval has acquired struggling cement processor ARM for Sh5 billion ($50 million).

The billionaire businessman who founded the Devki Group of Companies has said the transaction will help position his company as the leading cement manufacturer in the region.

“The industry is poised for growth and we are excited about the prospects for this next chapter of our business. We will endeavour to safeguard the interests of all stakeholders including the employees, customers and suppliers in the overall interest of Kenya,” said Raval on Wednesday.

Mr. Raval added that the deal will be financed through a combination of debt and internally generated cash. Raval’s announcement now puts to rest speculations that widely circulated last year linking Aliko Dangote, Africa’s richest man, to the takeover of the struggling firm.

In 2018, in an interview with Bloomberg News Dangote revealed that he ...
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