Sudhir Maheshwari-led Synergy Capital has emerged as one of India’s largest independent producers of low-ash metallurgical coke following its acquisition of Saurashtra Fuel’s flagship plant in Mundra, Gujarat.

The transaction marks Synergy Capital’s first buyout equity deal in India. The acquisition is intended to strengthen raw material security in the metallurgical coke market, which remains structurally undersupplied. The investment manager is expected to invest Rs 12 billion over the next three years to acquire the plant from its promoters, the Agarwalla and Sinha families. Including a proposed power plant, the total project cost is estimated at around Rs 20 billion.

Maheshwari, who previously spent 27 years at ArcelorMittal, played a key role in helping billionaire Lakshmi Mittal list his company in 1997 and raise billions for the $34-billion acquisition of Arcelor in 2006, creating one of the world’s largest steel companies.