Narendra Raval, the Founder and Chairman of Devki Group of Companies, recently revealed that his company faces monthly expenses reaching a colossal Ksh.2 billion. These overheads encompass employee salaries and essential utility bills, including electricity.
In a candid conversation on the popular Citizen TV’s JKLive show with host Jeff Koinange, Raval, a billionaire entrepreneur with significant investments in the steel and cement industries, divulged that he pays Kenya Power an astounding Ksh.900 million for electricity each month.
“During the low season, our payments to Kenya Power range from Ksh.700 million to Ksh.800 million, but can reach up to Ksh.900 million monthly,” Raval explained.
Despite the exorbitant costs, Raval maintained a light-hearted demeanor, joking that he deserved an award for being the largest contributor. “I must be the largest…they should give me the award, but I never got it,” he quipped.
Raval went on to discuss the impact of the rising cost of living on his business, noting that just a year ago, the company was paying nearly half the current amount, approximately Ksh.400 million, to Kenya Power. This is in spite of the fact that Devki Group already utilizes alternative power sources.
With a workforce of around 11,000 employees, Raval stated, “Our overheads, salaries, and power alone amount to Ksh.2 billion every month. Consequently, we have to generate Ksh.200 million daily, excluding Sundays.”
Raval also shared a unique aspect of his company policy: a deliberate choice to avoid doing business with the government. “I have never worked with the government… I don’t supply to the government, not today, but it is part of our policy,” he asserted.
In a further testament to his values, Raval, who also identifies as a pastor, revealed that 50 percent of his company’s income is dedicated to charitable causes.