Kenyan billionaire Narendra Raval unveils $550m steel plant

Kenyan billionaire industrialist Narendra Raval has launched a Ush2 trillion ($550 million) steel plant in Tororo, Uganda, marking one of the largest industrial investments in the region in recent years. The ceremony on Sunday, Nov. 23, drew three heads of state—Uganda’s Yoweri Museveni, Kenya’s William Ruto, and Rwanda’s Paul Kagame—underscoring the political and economic weight the project carries across East Africa.

Raval, who chairs Devki Group, said the plant will directly employ about 15,000 Ugandans, with indirect jobs expected to multiply across transport, logistics, mining and services. He noted that the facility’s output will far exceed Uganda’s domestic needs, positioning the country to supply steel to Kenya, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo.

Uganda steel plant targets one million

The decision to build the plant in Tororo, Raval said, was driven by two factors: Uganda’s estimated 500 million tonnes of iron ore deposits and a government policy that bars the export of raw iron ore. “These are the key reasons we committed to setting up this factory here,” he said. When completed in December 2027, the plant is projected to produce one million tonnes of steel annually, making it one of the largest steel operations in Eastern and Central Africa.

Raval said Devki chose Uganda because of its mineral potential and a predictable tax policy that gives investors clarity. “Uganda will be on the global map as a primary steel producer,” he said. He also welcomed the government’s assurance that steel imports will be restricted once local production begins. “This gives investors confidence,” he said, adding that the plant’s capacity will more than meet the region’s needs.

Devki Group pushes East Africa manufacturing

Founded in 1986 by Raval and his wife as a modest steel shop in Nairobi, Devki Group has grown into one of East Africa’s most influential industrial groups. Its subsidiaries—Devki Steel Mills, National Cement and Simba Cement—supply construction materials used across Kenya’s major projects. Over the past two decades, the group has expanded its product range, reduced dependence on imports and invested heavily in local manufacturing.

The Tororo steel plant marks Devki’s first major venture outside Kenya and signals a broader regional ambition for the company. He emphasized steel’s role in industry, transport and housing. “Beyond jobs, this plant will support the region’s push for stronger manufacturing and infrastructure,” he said.