Kenya Announces $110M Investment in New Sheet Plant

SEATTLE (Scrap Monster): Kenyan steel mogul Narendra Raval has announced his decision to invest $110 million to construct a new roofing sheet manufacturing plant. The plant will be located in Lukenya.

The construction of the plant is subject to necessary approval by the National Environment Management Authority (NEMA). Meanwhile, NEMA has already opened a 30-public comment period, during which public will be able to file submissions on the project. The project is slated for 2020 completion.

ALSO READ: Construction of New $3.5B Integrated Steel Plant to Begin Soon

According to media reports, Devki Group owned by Raval will use its cash reserves to fund the project. The project will also be funded using bank loans from Citibank and Barclays Bank. Once fully operational, the plant is expected to generate nearly 700 jobs. It will serve the entire East African region.

The construction of the new Lukenya iron sheets plant is part of the company’s rapid expansion plans. Earlier in February 2018, the group had announced construction of $280 million cement clinker plant in Kajiado, the commissioning of which is expected by 2020. It had also acquired the assets of bankrupt Athi River Mining for a sum of $50 million, earlier this year.