State waives duty for steel tycoon equipment to build Sh11b plant
Business
By
Renson Mnyamwezi
| Dec 02, 2024
Billionaire Narendra Raval will import the equipment required for establishing the ="https://www.standardmedia.co.ke/business/business/article/2001498205/devki-to-set-up-sh11b-steel-factory-in-taita-taveta">Sh11 billion steel plant< in Taita-Taveta duty-free, in what the government says is a move to boost the local manufacturing sector.
Industry Principal Secretary Dr Juma Mukhwana said the investor was given a duty exemption to import his equipment for the project.
President William Ruto will officiate the ground-breaking ceremony tomorrow.
“This is a joint venture between the Ministries of Trade and Mining to provide a conducive environment for the investor to kickstart the mega project. We have given the investor a duty exemption,” the PS revealed yesterday.
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Speaking yesterday during a pre-site visit ahead of the ground-breaking ceremony, Trade Cabinet Secretary Salim Mvurya described the Sh11 billion project as the first of the kind in Taita-Taveta County since independence.
The CS said investment will have a big impact on the people. “It is also good news for iron ore marketers in the region and local leadership should support the project for its full completion,” Mvurya said at Governor Andrew Mwadime’s office yesterday.
“The investor will officially put up the Sh11 billion value-addition investment at the Manga trading centre. This is good news to the county’s people and those dealing with iron ore extraction in the region,” stated the CS.
The governor expressed his administration’s commitment to support the project to its completion for the benefit of the local community.
Mwadime said his administration has ="https://www.standardmedia.co.ke/business/enterprise/article/2001500391/devki-to-set-up-sh103-billion-steel-factory-in-taita-taveta">allocated 500 acres of land< to the investor and issued him with a title to put up the steel factory.
“This is a game changer and its implementation is a major step towards realising wealth and employment creation in the county and should be supported by all,” said Mwadime.
Taita-Taveta Woman Representative Lydia Haika said there is a huge potential in precious and industrial minerals in the region that is yet to be fully harnessed for the benefit of the local community.
She said other areas rich in iron ore include Kasigau, Chawia, Sagala, and Bura locations, among others.
The new steel project will require over 100,000 tonnes of iron ore per month for operation.
Devik Group chairman ="https://www.standardmedia.co.ke/business/business/article/2001507314/business-mogul-narendra-raval-fights-treasury-over-sh4-billion-kra-tax-dispute">Narendra Raval< said there will be technological skills transfer from his company to the local community.
“Attracting such a huge investment is a big score for the county as it is expected to revolutionise the mining sub-sector in the region that is endowed with diverse mineral deposits, among them iron ore which will provide the bulk of raw materials to the factory,” stated the business tycoon.