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Business career
Narendra Raval has raised $97 million from the International Finance Corporation(IFC) to fund the construction of his new cement plants. IFC’s proposed investment is split into loans amounting to $90 million and equity of $7 million. The plants will be under the name of a company National Cements. Raval has invested additional $100 million of his funds into National Cement’s expansion. The plan will cost close to $200 million. Devki Group is the holding company of National Cement, it is also the Kenya’s largest local cement company. It is constructing two grinding plants in Uganda and Kenya. Company is also building an eight-megawatt power plant. When completed, company’s new plants will significantly increase the production output of the company and drive down cement prices, while creating the company’s position as East Africa’s leading cement manufacturer. The expansion will reportedly create around 300 new direct jobs in Kenya and 170 jobs in Uganda. The first plant, situated on a 20-hectare plot in Mariakani, Kilifi County, in Kenya’s coastal region will have a capacity to produce 750 million tonnes of cement per annum and the second plant with similar capacity will be located in Nakuru, northwest of Nairobi. “When we launched our operations six years ago, our goal was to reduce the cost of housing and it is being realized as we have managed to offer quality cement at $5 ex-factory compared to the then market price of $7 per 50-kilogram bag before our entry,” Raval said in an email message. Raval including his family owns 85% of National Cement’s equity while the remaining 15% share is held by IFC.