Synergy Capital Buys Saurashtra Fuel’s Mundra Plant

07 Oct 2025 CW Team

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.

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