President William Ruto has reappointed billionaire Narendra Raval as the chancellor of Egerton University.
In a gazette notice dated September 16, Ruto announced that Narendra will hold the position for the next five years.
“In exercise of the powers conferred by section 38 (1) (a) of the Universities Act, 2012, I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces, re-appoint-Narendra Naval (DR.) as Chancellor of the Egerton University, for a period of five (5) years, with effect from the 16th of September 2024,” read the Gazette notice.
Narendra was first appointed as the Chancellor of Egerton University by retired President Uhuru Kenyatta in March 2019 taking over Prof Shem Oyoo Wandiga who had been appointed in 2013.
About Business Tycoon Narendra Naval
Also known as the Guru, Raval is a Kenyan of Indian descent who rose from a humble temple assistant to billionaire industrialist and philanthropist in Kenya.
He is called Guru not because of his knack for making huge amounts of money but because he comes from a caste of priests (Brahmins) and served as a priest in India and an assistant priest in a temple in Kenya.
He is the founder of the Devki Group of Companies, which manufactures steel products, roofing sheets and cement.
Born into a Brahmin family in Gujarat, India, in 1962, Raval’s spent his early years in service as a temple assistant in Kisumu.
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In 1978, when he was only 16, Raval seized an opportunity to travel to Kenya to work in a temple in Kisumu, where he received a modest allowance that sustained him.
However, family obligations saw him abandon his priestly calling and seek alternative means of livelihood.
“Once you get married you are not allowed to serve in the temple. So, I had to leave. When I left the temple, I had to find a means of earning income, so in 1982 I took up a job at a hardware shop and steel mill in Nairobi,” Raval said in a 2015 interview with Forbes.
Narendra Raval Business Journey
In 1982, Raval ventured into the hardware and steel industry, taking up a job at a Nairobi-based steel mill. It was here that he honed his skills and laid the foundation for his future empire.
When the company closed its doors in 1990, Raval saw an opportunity to fill a gap in the market for affordable building materials.
With his wife by his side, he established Steel Center, a small hardware shop in Gikomba market, Nairobi.
In 1992, he ventured into steel manufacturing, setting up a small rolling mill in Athi River.
This marked the birth of Devki Group, which would eventually evolve into East and Central Africa’s primary steel product manufacturer.
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Devki Group, East Africa’s largest construction material company, manufactures steel, roofing sheets, and cement.
Today, Devki Group boasts annual revenues exceeding $600 million (Ksh77.1 billion) and employs over 6,500 people.
Companies under the conglomerate include Devki Steel Mills Limited, National Cement Companies Limited, Maisha Mabati Mills Limited and Northwood Agencies Limited which offers helicopter services.
Philanthropy Life
Besides his significant presence in the regional business scene, Raval remains committed to his philanthropic nature.
In addition to spending millions of shillings annually on scholarships, he has pledged to donate half of his wealth to charities focused on health and education, as well as social programs aimed at assisting less fortunate members of Kenyan society.
In a past interview with the Business Daily, Raval stated that he has no desire for more money or luxury, as his experiences with poverty have taught him the importance of giving back.
He shared that his struggles with not having food on his table have shaped his philanthropic outlook.
Devki Group remits Ksh2 billion monthly in the form of taxes which translates to Ksh24 billion annually to Kenyan government.
His autobiography, entitled Guru: A Long Walk to Success, was released in 2018.
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