Brothers Sachin Chandaria and Dhiren Chandaria are set to pocket Sh1.7 billion from the sale of their Orbit Products Africa Limited (Opal) manufacturing and warehousing facilities in Mlolongo to Mauritius-based property firm Grit Real Estate Income Group.
The brothers are part of the larger Chandaria industrialist family that includes businessman Manu Chandaria.
The multinational will spend an additional Sh967 million to expand the facilities of Opal, which is the contract manufacturer for global firms such as Reckitt Benckiser, Colgate-Palmolive and Unilever at the 20-acre site.
Grit has signed an agreement to take a Sh2.7 billion loan from the International Finance Corporation (IFC) to fund the venture, disclosing additional details of the investment and Opal’s owners.
This is the initial investment in the project, which is expected to cost Grit a total of Sh5.8 billion later on when it injects additional capital from other debt sources.
“Opal, controlled by the Chandaria family, has operated in Kenya for more than 40 years and is the leading manufacturer of popular personal care and home care products for the East Africa region, employing over 600 permanent staff,” Grit said in a statement.
The brothers are part of the larger Chandaria industrialist family that includes businessman Manu Chandaria.
The multinational will spend an additional Sh967 million to expand the facilities of Opal, which is the contract manufacturer for global firms such as Reckitt Benckiser, Colgate-Palmolive and Unilever at the 20-acre site.
Grit has signed an agreement to take a Sh2.7 billion loan from the International Finance Corporation (IFC) to fund the venture, disclosing additional details of the investment and Opal’s owners.
This is the initial investment in the project, which is expected to cost Grit a total of Sh5.8 billion later on when it injects additional capital from other debt sources.
“Opal, controlled by the Chandaria family, has operated in Kenya for more than 40 years and is the leading manufacturer of popular personal care and home care products for the East Africa region, employing over 600 permanent staff,” Grit said in a statement.
