Steel and cement tycoon Narendra Raval has shelved off interest in Mumias sugar company a decision he says has been influenced by the ongoing politics surrounding the process.
The cash strapped miller was placed under receivership by KCB in 2019 in a bid to protect its assets and maintain its operations.
According to a leasing deal, a successful bidder is expected to run the firm on behalf of the bank whose Sh 545 million loan was defaulted by the miller.
"However, given the ongoing public interest which the matter has attracted and the call for publicly run bidding exercise, we have found it worthwhile to take out our application. We will however express interest ,should the exercise be conducted in consultation with all the stakeholders,” Raval said in a statement.
Devki Group-owned by Raval had expressed interest in reviving the millers with reports indicating the firm had a plan of injecting 5 billion capital.
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