India: Synergy Capital acquires Saurashtra Fuels, marks entry into merchant coke production

• Indian govt pushes for import substitution in key sectors, including coke
• Move comes amid expectations of higher coke demand from AM/NS India

Dubai-based investment firm Synergy Capital, promoted by Sudhir Maheshwari, former CFO of ArcelorMittal, has acquired a unit of Saurashtra Fuels, a leading metallurgical coke producer with an installed capacity of 800,000 tonnes (t) per annum.

The acquisition marks Synergy Capital’s first fully owned investment in India and its entry into the merchant metallurgical coke business, positioning the firm to play a key role in the country’s steel value chain.

Industry observers note that the timing aligns strategically with AM/NS India’s upcoming blast furnace project, expected to require substantial coke supply. The acquisition could potentially serve as a conversion partner for AM/NS’s coke requirements. AM/NS India aims to ramp up its steelmaking capacity from the current 9 million tonnes per annum (MTPA) to 15 MTPA by 2026, which is expected to drive higher coke demand. The company, presently reliant on imported met coke, is in the process of establishing its own 2.9 MTPA coke-making capacity. The company also imported 1.45 million tonnes (mnt) of met coke in FY’25.

Commenting on the acquisition, Synergy Capital said, “We’re excited to announce our move into merchant metallurgical coke production with Saurashtra Fuels — proud to contribute to India’s industrial supply chain and support the steel sector’s next growth phase.”

India steps up efforts to curb import dependence

Meanwhile, in a push for greater self-reliance, the Commerce Ministry is shortlisting 100 heavily imported products — including engineering goods, coal and coke, chemicals, pharmaceuticals, and plastics — that can be replaced with domestic alternatives. The initiative aims to reduce India’s import dependence on select geographies, Commerce Secretary Sunil Barthwal said on 15 September.

Prior to this, in end-June 2025, the Government of India had extended the existing quantitative restrictions (QRs) on the import of low-ash metallurgical (LAM) coke for an additional six months, from 1 July to 31 December 2025. These restrictions, applied on a country-wise basis, limit the imports of LAM coke to safeguard the domestic industry’s interests. India’s met coke production stood at 49.28 mnt in FY’25, and imports were recorded at 4.8 mnt, as per data maintained with BigMint.