Billionaire Rai family in Mumias Sugar lease race
Thursday June 10 2021
By GERALD ANDAE
The billionaire Rai family is among the eight high-profile investors eyeing a lease deal for the Sh15 billion assets of ailing Mumias Sugar Company, the miller’s receiver-manager has disclosed.
The disclosure of Rai’s bid underlines months of the heated behind-the-scenes fight for the control of the once top miller by wealthy investors including steel tycoon Narendra Raval who has since withdrawn from the race.
Mr Raval, who was planning to inject Sh5 billion to modernise the miller on winning the bid, cited political interests after western Kenya politicians questioned the process.