Jaswant Singh Rai is a Kenyan billionaire businessman and chairman of the Rai Group, a conglomerate with interests in the sugar, real estate, and hospitality industries.
He is a mogul in the sugar business in Kenya, controlling at least 43% of the sugar business in the country.
Rai hails from the Rai family, one of Kenya’s richest, controlling major businesses in the country.
He was recently in the news for a two-day kidnapping, which ended with his release.
Despite his wealth and influence, Rai is known to be reclusive and has kept a low profile in the Kenyan media.
In June 2018, he addressed a committee of the National Assembly on the crisis facing the sugar industry in Kenya.
The Rai Group is a conglomerate with interests in several industries, including sugar, real estate and hospitality.
The group provides liquidity to small to middle-market companies to support growth capital or smooth out short-term cash flow.
The group understands the unique challenges faced by entrepreneurs and middle-market businesses in driving business growth.
The Rai Group offers creative financing options for businesses that require funding for a large purchase prior to.
The group’s interests have expanded to include cement, edible oils and soaps, sawmilling, sugar, horticulture and real estate.
The group’s CEO is Philip Schatten, who helps small- and medium-sized businesses secure working capital.
The COO of the Rai Group is Bette Gandelman, who brings 30+ years of experience structuring financial and insurance transactions for companies of all sizes.
Companies owned by the Rai Family
The Rai family is one of the wealthiest families in Kenya and has a vast business empire across East Africa.
The family controls several multi-billion businesses, including sugar, cement, timber, real estate, and oils and soaps.
According to TUKO, some of the companies owned by the Rai family include;
- West Kenya Sugar Company Ltd
- Naitiri, Olepito and Sukari Industries
- Rai Cement
- Menengai Oil Refineries
- Timsales and RaiPly
- Tulip Properties
- Rai Paper
The Rai family is known for its dominance in the sugar industry in Kenya, with West Kenya Sugar Company Ltd being one of the largest sugar producers in the country.
While Rai Cement is a major player in the cement industry in Kenya, Menengai Oil Refineries is a leading producer of edible oils and soaps in East Africa.
Timsales and RaiPly on the other hand are involved in the timber industry, while Tulip Properties is a real estate company.
Rai Paper is a paper mill that was bought by the Rai family in 2016.
Jaswant Singh Rai kidnapping
Rai was abducted in broad daylight while stuck in traffic on August 25, 2023, per Citizen Digital.
The incident occurred at around 4:00 pm and the kidnappers were suspected to be police officers, according to The Star.
The family raised the alarm after the abduction, and the police launched an investigation into the matter.
Rai was released unharmed a few days after the abduction.
The kidnapping of Rai has caused concern among the public, as he is a prominent businessman in Kenya.
The incident has raised questions about the safety of businesspeople in the country, and the need for increased security measures to protect them.
The fact that the kidnappers were suspected to be police officers has also raised concerns about the involvement of law enforcement in criminal activities.
The details of the kidnapping are still unclear, and the police are continuing their investigation into the matter.
The incident has attracted media attention, with various news outlets reporting on the story.
The public is eagerly waiting for updates on the case, and for the perpetrators to be brought to justice.
Jaswant Singh Rai net worth
Rai’s net worth is not exclusively mentioned in the publicly available information.
However, he is a billionaire businessman and chairman of the Rai Group, a conglomerate with interests in the sugar, real estate and hospitality industries.
Rai’s father left behind a net worth of KSh 329 million, according to a court case involving Rai’s sons.