Devki Billionaire Pulls Out of Ksh 5B Mumias Sugar Purchase

  • Devki Group Chairman, Narendra Raval, seated in his Ruiru Office.
    Devki Group Chairman, Narendra Raval, seated in his Ruiru Office.
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  • Devki billionaire Dr Narendra Raval has withdrawn his bid to lease the Mumias Sugar Company which is in receivership.

    In a press statement dated Friday, June 4, Raval stated that the company had found it worthwhile to take out its application following the ongoing public interest that the matter had attracted.

    "As a local investor with deep understanding of the local operations, we had expressed interest in reviving the miller, following an invitation by the Receiver Manager.

    "We will however express interest, should the exercise be conducted in consultation with all the stakeholders," reads an excerpt of the statement.

    President Uhuru Kenyatta and Steel magnate Narendra Raval at a past event
    President Uhuru Kenyatta and Steel magnate Narendra Raval at a past event
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    Raval indicated that his interest in Mumias company was to revive it and ensure that it is running for the benefit of all the stakeholders including the farmers and the local communities.

    "We wish the receiver manager success as they seek the most appropriate method of revival and to take Mumias to the next level," he added.

    Earlier during the week, Raval had expressed interest in injecting as much as Ksh5 billion in seeing the revival of the company.

    Basing on Raval's success in running his steel and manufacturing company, the billionaire was likely to be picked based on his financial muscle.

    Mumias Sugar Company was placed under receivership by the KCB Group in September 2019 with an aim to protect its assets and maintain its operations.

    Unfortunately, the company struggled to remainĀ afloat even when the government pumped in Ksh3 billion.

    Over the years, the company has been relying on ethanol as the main source of income. This is after the production of water, cogeneration and sugar production, were halted.

    Mumias Sugar
    Mumias Sugar
    Kenyans.co.ke