Narendra Raval, the billionaire businessman who founded the Devki Group of Companies, has acquired struggling cement processor ARM #ticker:ARM for Sh5 billion ($50 million) in a sign of shifting balance of power in the industry.
The deal announced Wednesday will see National Cement Company Limited, a wholly-owned subsidiary of the Devki Group, acquire all cement and non-cement assets and business of ARM Cement PLC in Kenya.
