Shri Krishana Overseas Limited (SKL) reached a historic milestone on Saturday, February 1, 2025 announcing the pre-launch of its listing on the Nairobi Securities Exchange (NSE) under the SME/GEMS category. The event, held at the Mövenpick Hotel in Westlands, Nairobi, was attended by over 290 corporate leaders, government officials, and key industry stakeholders, all gathered to celebrate SKL’s journey toward becoming a publicly listed company.
The event highlighted SKL’s transformation from a modest startup to a powerful player in Kenya’s business sector. As the company prepares for this significant transition, it reaffirms its commitment to innovation, sustainability, and economic growth. Leading this charge are SKL’s visionary leaders, Managing Director Dr. Sonvir Singh and Financial Director Nirmal Chaudhary, whose relentless drive and foresight have propelled the company to new heights.
A Vision for Growth and Sustainability
Speaking at the event, Nirmal Chaudhary emphasized the significance of the moment. “We are honored to have you here today as we stand on the cusp of an important milestone in our company’s history. We are gathered not just to launch a business but to realize a vision—one rooted in sustainability, innovation, and a commitment to providing eco-friendly packaging solutions. Our journey has been one of hard work, dedication, and collaboration, and we look forward to making history together.”
Dr. Sonvir Singh shared the inspiring growth trajectory of SKL since its inception in 2013. “We started with minimal turnover in our first four months. Within a year, that number grew by an incredible 4,000%. By the second year, we doubled that growth, and by the third year, we tripled our turnover. Even during the COVID-19 pandemic, we continued to grow. Today, we are operating at nearly full capacity, and our expansion plans are well underway.”
Dr. Singh also provided details on the company’s ambitious expansion project in Kajiado, where a new plant is under construction. “In 2016, we acquired five acres of land with expansion in mind. Now, with support from SBM Bank, we are 70% through the construction of a new state-of-the-art plant featuring advanced machinery tailored for Kenya’s diverse industries. By mid-year, we expect our production capacity to reach 24,000 tonnes of corrugated boxes, up from the current 2,400 tonnes.”
On the decision to list on the NSE, Dr. Singh explained, “The world’s most successful companies are listed. While family-owned businesses have their strengths, listed companies operate in a more structured, compliant, and transparent manner, ensuring sustainability beyond the founders. This move will secure SKL’s future for generations to come.”
Industry Leaders Applaud SKL’s Move
Frank Mwiti, CEO of the Nairobi Securities Exchange (NSE), underscored the importance of the listing. “The NSE is not here to replace banks—banks remain a crucial part of the financial sector. We complement each other. There is a reason why some of the biggest businesses in Kenya are listed on the NSE. As of Friday, our market capitalization stood at KES 1.9 trillion, and our bond market traded close to KES 1.2 trillion. The opportunities are immense, and liquidity is available to help businesses grow. However, our market is regulated—companies must ensure proper compliance, governance, independent board structures, and transparent reporting.”
Dr. Manoj Shah, Board Chair of MP Shah Hospital, praised SKL’s forward-thinking approach. “The passion with which Sonvir speaks about listing has triggered thoughts in me. Listing a company ensures longevity—your fourth generation will benefit from this decision.”
Laikipia Governor James Irungu highlighted the economic impact of SKL’s move. “The decision to list on the NSE strengthens our economy and positively impacts the broader business community. It creates new avenues for innovation and industrial leadership. As a government, we are proud of SKL’s achievements and its contribution to local economic development. The company’s focus on sustainability, innovation, and community development aligns with Kenya’s values. We look forward to the opportunities that will emerge from this milestone.”
Rosemary Kirika, Deputy Governor of Kiambu County, commended SKL’s leadership for their integrity and entrepreneurial spirit. “Sonvir and Nirmal’s story is an inspiration. Their commitment to starting with what they have and building through integrity and innovation is a lesson for many entrepreneurs.”
Vimal Shah, Co-Founder & Chairman of Bidco Group, urged the government to support private sector growth by providing tax incentives for companies looking to list. “Banks are investing in Treasury bills and bonds, creating a capital shortage for the private sector. A reset is needed to encourage more listings like SKL’s, which will foster economic growth.”
Rishabh Kumar Rewar, Second Secretary (Commerce and Press) at the High Commission of India in Nairobi, spoke on the significance of the event. “This is part of the story of the Kenya-India partnership and, most importantly, the economic relationship. Like Dr. Sonvir, many have come from India, made Kenya their home, and flourished, contributing to the country’s economic growth.”
SKL’s Path to NSE Listing
SKL first announced its intention to list on the NSE in July 2024. The company plans to list through introduction on the NSE’s Small and Medium Enterprises (SME) Market Segment, pending the successful submission of its application to the NSE and the Capital Markets Authority (CMA).
If approved, SKL will become the first packaging solutions company to be listed on the NSE and the exchange’s first new listing since 2020.
With its unwavering commitment to expansion and excellence, SKL is not just making history—it is shaping the future of Kenya’s business sector.
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