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of events after local politicians issued stern conditions over any attempts to sell off Mumias, Raval has suddenly withdrawn his bid saying it was not necessary anyway.
“I have withdrawn my interest to invest in Mumias through a leasing plan because of the political interests that have emerged.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.
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.
