On Wednesday April 12, Kenyan billionaire Narendra Raval revealed that he had to raise Ksh 100 million a day to avoid strikes and business closures.
In an interview, the chairman of Devki Group of Companies shared that Ksh 100 million per day is part of his goal of reaching Ksh 2 billion every month.
Explaining how the money was used, Raval said the money was meant to pay salaries and electricity bills.
According to the chairman of the task force set up by President William Ruto to create the National Lottery, his companies have 11,000 employees.
“We are more worried about our work and getting paid on time. We have to pay 11,000 people, so we have to find the money from the beginning,” Raval said in an interview with Citizen TV.
“Our salary and payment capacity is Ksh 2 billion per month, so we have to find Ksh 100 million every day except Sunday,” Raval stressed.
According to Raval, good planning helps him and other managers collect millions every day.
“If you don’t do that, they will strike and businesses will be closed, so running a large industry is not easy,” he said.
“But you have to plan well,” said Raval, who also runs National Cement.
In addition to spending billions, Raval said his businesses in more than 10 counties give 50% of their income to charity.
At the height of the epidemic, Raval went viral when he stopped the production of steel to provide oxygen that was given to public hospitals for free.
In addition, he gave Ksh 100 million to help the Jubilee administration deal with the negative effects of the disaster.
Responding to allegations of obtaining contracts with the government, Raval denied reports that emphasized that his companies did not request tenders.
“I have worked with the government, and I do not provide services to the government, and that is the policy of our company,” Raval said.
The industrialist started his entrepreneurial journey in Gikomba, where he had a shop. It expanded to invest in steel, barbed wire, construction bars and cement businesses.
In 2015, Forbes put Raval’s wealth at Ksh 54 billion, joining the list of the 50 richest people in Africa.