Narendra Raval: Why I Have To Look For Ksh200 Million Every Day
His company which operates in 10 counties uses almost Ksh2 billion every month which is directed at...
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Billionaire steel industrialist and philanthropist Dr Narendra Raval, the executive chairman of Devki Group on Wednesday, April 12 revealed the struggles Kenyan companies and employers are facing amidst internal and external pressures dealing with the economy.
Speaking to Citizen TV's Jeff Koinange, the billionaire revealed that his company employs 11,000 people who rely on their jobs as a source of income for themselves and 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.
President William Ruto (left) with businessman with Narendra Raval during the official opening of DevKi steel plant on November 18, 2022. /STATE HOUSE
Dr Raval further revealed that in terms of monthly expenses, his company which operates in 10 counties uses almost Ksh2 billion every month which is directed at paying salaries, and power bills among other overhead costs.
This thus translates to the company requiring more than the amount, meaning that he is compelled to pay Ksh200 million every month to avert strikes and shutdown of companies owing to the failure of remitting salaries.
"Our overheads, salaries and power only come to Ksh2 billion every month. So we have to look for Ksh200 million every day apart from Sunday," he said.
Breaking down the Ksh2 billion overheads, Raval noted that Ksh900 million goes to utility firm Kenya Power in terms of electricity bills with the suspicion that his steel company was the largest consumer of Kenya Power, even though the company has its own alternative sources of power.
"When it is low season we pay Ksh700 million to Kenya Power otherwise we pay Ksh800 million to Ksh900 million every month.
"I must be the largest...they should give me the award but I never got it," the businessman commented lightly.
The billionaire businessman who has heavily invested in steel and cement expressed confidence in the economy rebounding, praising Kenyans for being prayerful, hard-working and resilient.
During the interview, Raval maintained that he does not do business with the government nor does he supply to the government.
"I have never done work with the government...I don't supply to the government, not today but it is part of our policy.
"I have never dealt with the government since I was born. I'm very honest with you. I'm a pastor, my name is Guru," said Raval, adding that 50 per cent of his company's income goes towards charity.
Devki Group Chairman, Narendra Raval, seated in his Ruiru Office in October 2020. /DEVKI STEEL
