Kenyan steel tycoon Narendra Rawal has announced his decision to invest $ 110 million in the construction of a new roofing plant. The plant will be located in Lukenia.
The construction of the plant is subject to the necessary approval with the National Environmental Protection Administration (NEMA). Meanwhile, NEMA has already opened a 30-day public consultation period during which the public will be able to apply for the project. The project is expected to be completed by 2020.
According to media reports, the Devki Group, owned by Raval, will use its cash reserves to fund the project. The project will also be funded by bank loans from Citibank and Barclays Bank. The plant is expected to create about 700 jobs after full commissioning. It will serve the entire East African region.
The construction of the new Lucca Sheet Iron Works is part of the company's rapid expansion plans. Earlier, in February 2018, the group announced the construction of a $ 280 million cement clinker plant in Kajiado, which is expected to be commissioned by 2020. In addition, earlier this year, it acquired the assets of the bankrupt Athi River Mining for $ 50 million.
