KENYA : President William Ruto this week graced the Official Groundbreaking Ceremony for the Construction of a new steel factory in Voi, Taita Taveta County, On Wednesday, December 4, 2024.
Speaking During the Event, President Ruto announced the Kenyan government has decided to eliminate import taxes on equipment for the company to enable the establishment of the steel plant.
This new factory, expands Ruto's Billionaire Friend, Narendra Raval, chairman of Devki Group, Business empire in the East African Country to 9 mega Factories.
The Devki Group chairman Stated that the construction of the steel factory will cost the Group KSh 11 billion. Devki Group explained that once complete, the iron processing project will provide thousands of jobs for residents and a market for raw materials.
Raval announced that his company has taken proactive steps to support its employees amidst the recent tax changes introduced by President William Ruto's administration.
The Businessman, who is known for his robust support of President Ruto, shared that he had decided to increase the salaries of all his employees significantly, by up to 20 percent.
This initiative was aimed at helping the workforce cope with the financial impact of new taxes.
Raval, stated that his business conglomerate employs a substantial number of people, totaling 14,000 across the East African Country. Each of these employees benefitted from a salary increase that ranged between 5 percent and 20 percent.
This salary adjustment positions Devki's employees among the fortunate few in Kenya whose employers have made financial arrangements to offset deductions related to the mandatory Social Health Insurance Fund (SHIF) and the Affordable Housing levies.
Apart from the Recently launched Steel factory in Voi aimed at boosting local manufacturing for iron ore processing and value addition, Naval has several Companies under the DevKi Group.
The Company's owned by Naval are Devki Steel Mills Limited located in Ruiru, Maisha Mabati Mills established in 2009 to meet the growing requirements for quality roofing at affordable pricing, National Cement Company Limited Found in Athi River established in 2008 and began cement production in 2010.
Others are Cemtech Clinker Plant, Simba Cement the brains behind National Cement Company, which produces the Simba brand. Maisha Packaging Company Limited established in 2014 to produce high quality Woven Polypropylene (WPP) bags, he also has interest in Aviation through helicopter flight services in Nairobi via Northwood Aviation Limited and ARM Cement Limited, one of the largest manufacturers of cement in Eastern Africa, located in Athi River.
Raval started building his industrial empire, the Devki Group of Companies, in Kenya in 1986. the conglomerate manufactures building materials in various parts of the country and across the East Africa Region, Uganda, Rwanda and in the Democratic Republic of the Congo.