Business Billionaire Narendra Raval joins case to support Ruto’s Finance Act 2023
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Billionaire Narendra Raval through his firm Devki Steel Mills Ltd joins the court case challenging Finance Act
Billionaire Narendra Raval through his firm Devki Steel Mills Ltd joins the court case challenging Finance Act.
The contentious Finance Act of 2023 has received backing from billionaire businessman Narendra Raval (also known as Guru), who claims that it contains incentives that will help local manufacturing.
The disputed law includes taxes provisions that offer protection to specific industries but also place an increased burden on a number of constituents, notably paid workers and petroleum product users.
Mr Naval through his firm Devki Steel Mills Ltd was allowed to join the case by a bench of three judges even as various parties and lobbyists oppose sections of the Act and want them quashed.
Devki Steel Mills and the Electric Mobility Association of Kenya (EMAK) were permitted to join the case as interested parties after being urged to do so by Justices David Majanja, Christine Meoli, and Lawrence Mugambi.
“That in the circumstances, the applicant (Devki) being a local manufacturer has a direct personal interest in the matter and if the court proceeds to hear the case without the applicant being joined as an interested party, the applicant stands to suffer irreparable harm, prejudice, and damage,” he said in an affidavit filed in court.
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Mr. Raval’s group of companies is involved in the manufacture of various goods, specializing largely in the steel and cement industry.
The Billionaire Narendra said Section 70 of the Finance Act, 2023, which provides for the Export and Investment Promotion Levy on all goods imported into the country, will benefit local manufacturers and they will be given incentives to make goods locally.
He says the country loses more than Sh800 million yearly because of the importation of steel products, taking into account the fluctuating exchange rates.
Mr. Raval said the importation of cheap and low-quality steel products makes manufacturing in Kenya unsustainable.
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