By Patricia Mollyne Mataga
Industrialist Narendra Raval has opened up on the billions of money that his company pays to the government as taxes on a monthly basis.
Dr Raval is currently the Executive Chairman of the Devki Group of Companies, a conglomerate in East Africa that manufactures steel, aluminum and cement.
Speaking on Monday during the official opening of Cemtet Cement company in West Pokot County, the billionaire entrepreneur revealed that his company pays at least KSh2 billion monthly in deductions from its workers.
The deductions include those for Social Health Insurance Fund, National Social Security Fund (NSSF) as well as other deductions.This is apart from the income tax that he pays annually.
In addition, the billionaire said he pays Kenya Power company Ksh1 billion monthly in power bills and services.
He however thanked the banks for supporting his business and ensuring it remains a float.
“I pay Sh 2Bn tax every month just from basic deductions. I pay Sh 1 Bn to Kenya Power every month. I extend my gratitude to our bankers for being faithful to us,” Dr Raval said.
With the business empire relying heavily on imports, he noted that the company pays Kenya Railways Ksh75 million every month to transport various raw materials and it’s products.
However, the entrepreneur expressed the need for the company to enhance its capacity, noting that he’s ready to be paying them Ksh200 million every month if they invest in more train to offer services to its business empire better.
“I will up my payments to Kenya Railways from Sh 75m to Sh 200m only if they get more locomotives,” he said.
The Kenyan industrialist, entrepreneur and philanthropist of Indian Gujarati origin was estimated to have a net worth of US$500 million as of 2015m.
He was ranked as the 46th richest African, and 2nd richest Kenyan based on the 2015 Forbes list of Africa’s richest in Kenya.
Some of the notable products that Devki Group of Companies products include cement and Devki steel which are used mostly in the construction industry.
