What’s New -Steel business mogul Narendra Raval has officially pulled out of the bid to lease and revive the Mumias miller.
Earlier, the investor had promised to pump into the collapsed machines a whopping sh 5 billion saying he is well blessed to afford that much.
But in a new twist of events after local politicians issued stern conditions over any attempts to sell off Mumias, Raval has suddenly withdrawn his bid saying it was not necessary anyway.
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“I have withdrawn my interest to invest in Mumias through a leasing plan because of the political interests that have emerged. I have officially informed KCB of my withdrawal,” Raval communicated to a local daily.
The Asian Kenyan billionaire had unveiled a multi-billion shilling package that could have seen a whopping sh 4 billion put into upgrading the rundown production plant and another sh 1 billion sweetener for local farmers.
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Miles away, the vast estate and machines at Panpaper Webuye were sold for a song to Rai family who have since converted the facility to a sugar store and warehouse.
Rai bought Panpaper machines, land and real estates at only sh 900 million.