PE-VC Fund Investments
Synergy Capital buys Saurashtra Fuel’s coke plant in Mundra for Rs.2,000-Cr
Dubai-based Synergy Capital, an Asia-focused alternative investment manager led by former ArcelorMittal dealmaker Sudhir Maheshwari, has acquired Saurashtra Fuels ’ flagship plant in Mundra in its first buyout transaction in India.The acquisition by Synergy is aimed at securing a scarce raw material in a structurally under-supplied metallurgical coke market, with the added advantage of proximity to the large commercial ports of Mundra and Kandla.Synergy is spending INR 1,200 crore over three years to buy the plant from its erstwhile promoters - the Agarwalla and Sinha families - and refurbish it before restarting operations. Synergy Saurashtra plans to resume operations by the end of Q4, 2025.At its peak, the plant produced about 500,000 tonnes of metallurgical coke and exported roughly 150,000 tonnes, making it among the leading manufacturers and exporters of metallurgical coke.Synergy has deployed USD 1 Billion in private credit and equity in groups and companies as diverse as GMR, Shapoorji Pallonji Group and JSW Cement. It is in the middle of raising a new USD 1-Billion fund, half of which will be deployed in India.
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