Dubai-based private equity firm Synergy Capital has become one of India’s largest independent producers of low-ash metallurgical coke after acquiring Saurashtra Fuel’s flagship plant in Mundra, Gujarat.
The deal marks Synergy Capital’s first buyout in India and aims to strengthen raw material security in a market that remains structurally undersupplied. The Mundra plant has an annual capacity of 600,000 tons of metallurgical coke.
Synergy Capital was founded by Sudhir Maheshwari, a former Group Management Board member at ArcelorMittal. With over 26 years at the steelmaker, Maheshwari played a central role in its formation and global expansion, leading major acquisitions, financings, and restructuring initiatives, including the landmark 2006 Arcelor takeover. Maheshwari also led Mittal Investments (2008-2015), where he managed USD 1.5 bln of equity investments across natural resources, cement, and infrastructure.
