Dubai-based Synergy Capital has acquired the metallurgical coke-making asset of India’s Saurashtra Fuels Limited located in Mundhra, Gujarat, to emerge as one of the largest independent met coke producers in the country, a company statement said on Tuesday, October 7.
The company said that the acquisition was aimed at securing production bases of the key steelmaking raw material, which is seen to be undersupplied in the country.
Synergy Capital will pay an estimated $135 million over a period of three years to the promoters of SFL, it added. Furthermore, the new owners plan to invest another $225 million to construct a power plant at the met coke manufacturing facility.
Synergy Capital is led by Sudhir Maheswari, formerly associated with steelmaker ArcelorMittal for 27 years and currently engaged as an Asia-focused fund manager.
