Synergy Capital Buys Saurashtra Fuel’s Mundra Plant
ECONOMY & POLICY

Synergy Capital Buys Saurashtra Fuel’s Mundra Plant

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.
Now leading Asia-focused investment firm Synergy Capital from Dubai, Maheshwari is directing renewed attention towards India’s steel sector. The fund maintains a strong strategic focus on India, with a committed investment of around $1 billion in private equity and credit across major groups such as GMR, Shapoorji Pallonji, and JSW Cement, Maheshwari told. 

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.Now leading Asia-focused investment firm Synergy Capital from Dubai, Maheshwari is directing renewed attention towards India’s steel sector. The fund maintains a strong strategic focus on India, with a committed investment of around $1 billion in private equity and credit across major groups such as GMR, Shapoorji Pallonji, and JSW Cement, Maheshwari told. 

Next Story
Infrastructure Urban

Coal Ministry Achieves Milestones under Special Campaign 5.0

The Ministry of Coal and its Public Sector Undertakings (PSUs) have achieved notable milestones under the Special Campaign 5.0, focusing on cleanliness, operational efficiency, and sustainability across the coal sector. During the implementation phase from 2–31 October 2025, over 1,205 sites were cleaned, covering 68,04,087 sq ft, nearing the target of 82,51,511 sq ft. Scrap disposal of 5,813 MT against a target of 8,678 MT generated Rs 228.7 million in revenue. In addition, 1,11,248 physical and 30,331 electronic files were reviewed, with 74,123 weeded out or closed. Key initiatives showc..

Next Story
Infrastructure Energy

Vesting Orders Issued for Three Coal Blocks under Commercial Auctions

The Ministry of Coal’s Nominated Authority has issued vesting orders for three coal blocks under commercial coal block auctions on 23 October 2025. The Coal Mine Development and Production Agreements (CMDPAs) for these mines were earlier signed on 21 August 2025. The three blocks include Rajgamar Dipside (Deavnara), Tangardihi North, and Mahuagarhi. Of these, two are partially explored while one is fully explored, with a combined peak rated capacity of around 1 MTPA and geological reserves of approximately 1,484.41 million tonnes. These mines are expected to generate annual revenue of abou..

Next Story
Infrastructure Urban

TEC, IIT-Hyderabad Partner to Boost 6G and Telecom Standards

The Telecommunication Engineering Centre (TEC), technical arm of the Department of Telecommunications (DoT), has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Hyderabad (IIT Hyderabad) for joint research and technical collaboration in advanced telecom technologies and standardisation. The partnership focuses on developing India-specific standards and test frameworks for next-generation networks, including 6G, Artificial Intelligence (AI), and Non-Terrestrial Networks (NTNs). It also aims to enhance India’s participation in international standardisation f..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?