#19
DR. NARENDRA RAVAL, EBS CHAIR DEVKI GROUP OF COMPANIES
Humble to a fault, Kenyan billionaire Dr. Narendra Raval is the Founder and Chair of the Devki Group of Companies.
Born in India around 1962, Dr. Raval’s captivating journey began at the tender age of 11 when he served as an assistant priest at a Swaminarayan temple within the Brahmin Hindu sect in his native India. His path took an intriguing turn when, as a teenager, he ventured to Kenya, landing in Kisumu, where he worked at another temple on the scenic shores of Lake Victoria.
At the age of 22, Dr. Raval embraced a new chapter in his life. He married, bid farewell to his priesthood, and embarked on a journey in a small steel factory. Driven by ambition and a relentless thirst for knowledge, he delved into the intricacies of steelmaking.
Bolstered by determination and his hard-earned savings, that very year saw the inception of a modest steel processing and trading venture with his wife in downtown Nairobi’s Gikomba area. Little did they anticipate that this humble initiative would blossom into the Devki Group, now the largest manufacturer of steel products in East and Central Africa.
Established in 1986, this formidable conglomerate specialises in manufacturing a diverse range of materials, from steel and aluminium used in the production of reinforcement bars and barbed wire, to cement.
Extending its influence beyond Kenya, the group has successfully established subsidiaries in Uganda and the Democratic Republic of the Congo (DRC). The Devki Group proudly boasts an annual manufacturing revenue exceeding $600 million, providing employment for over 11,000 individuals. Renowned for producing Kenya’s best selling Simba cement under one of its subsidiaries, the National Cement Company (NCCL), the Group exemplifies Dr. Raval’s transformative journey from a small steel factory to a colossal player in the East and Central African manufacturing arena.
Fondly referred to as ‘Guru’, Dr. Raval had an estimated net worth of $500 million, equivalent to Ksh 78.9 billion, securing the 46th position among Africa’s wealthiest individuals and earning the prestigious title of the 2nd richest Kenyan according to the 2015 Forbes list of Africa’s richest. This notable standing in the continent’s financial elite underscores Dr. Raval’s enduring impact and success in the realm of African wealth.
However, despite his substantial riches, modesty and humility define Dr. Raval’s lifestyle. He has openly shared instances of opting for boda-bodas (motorbikes) on the traffic-laden roads of Nairobi. Remarkably, he expresses contentment with wearing one pair of shoes worth Ksh 6,000. In interviews, Dr. Raval has unveiled his minimalist financial approach, sharing that he possesses neither a wallet, ATM card, nor credit card. Despite business meetings being a routine part of his day, Dr. Raval maintains a modest wardrobe with four suits and six neckties. Embracing simplicity, he relies on a basic mobile phone, underscoring a humble and unpretentious stance toward his wealth.
Dr. Raval, a devoted philanthropist, supports a string of orphanages, children’s homes, government schools, and children from backgrounds riddled in squalor. His autobiography christened, ‘Guru; A Long Walk to Success’ has so far raked in over Ksh 100 million, all proceeds being used on charity to the very last coin.
At the height of the Covid-19 pandemic in 2020, he became a darling of the people when he stopped steel production to produce oxygen that was given to public hospitals for free. The donation valued at Ksh 100 million was collected from one of the Group’s subsidiaries’ branches, Devki Steels Mills, in Mombasa, Ruiru and Athi River.
Dr. Raval has been the recipient of numerous prestigious awards over the years, recognising his unwavering commitment, exceptional service, and remarkable contributions to his country and community. For instance, in January 2016, he was honoured with the Pride of India Award by Feelings Multimedia in India.
His role as a guiding force for entrepreneurs was acknowledged in January 2015 when he received the Guru of Entrepreneurs Award from Lions Club International in Mumbai. The Melvin Jones Fellowship Award, bestowed upon him by the Lions Club of Nakuru, Kenya, in August 2012, further highlights his dedication and impact on the community.
Dr. Raval’s philanthropic endeavours were internationally recognised when he received the British Government Recognition Award for Support to Widows in Kenya in June 2012. His significant contributions to Kenya were acknowledged with the prestigious Elder of the Order of the Burning Spear (EBS) award by the Government of Kenya in December 2009. Additionally, Dr. Raval holds a Doctorate of Divinity, conferred upon him by Champions Covenant Church, USA, in February 2007, underscoring his multifaceted achievements and the global recognition of his exceptional character and accomplishments
Married to Neeta Raval, a medical doctor, the couple shares the joy of three children – two sons and a daughter. They are also proud grandparents to two grandchildren. According to the devoted family man, marriage has played a pivotal role in propelling him to the heights he has reached. “The longer you stay together, raising children, and working towards something important for both of you, you become close friends,” he shared in a past interview. “The beauty of marriage for me is that whatever problems I have, I always know they will be shared and halved,” he further emphasised.
As a devout man of God, Dr. Raval perceives the divine in every human being, a perspective that significantly influences his philanthropic endeavours. He has publicly committed to allocating 50 percent of his wealth to charity and the remaining 50 percent to his children.
Dr. Raval actively strives to impart his commendable culture of humility to his children and grandchildren by instilling in them the profound value of money.
