PE fund floated by former ArcelorMittal exec to make biggest India bet
Photo Credit: Reuters

A private equity fund set up by a former executive of steelmaker ArcelorMittal is set to make its largest investment in India. 

Synergy Metals Investments Holding Ltd, the investment fund of Synergy Metals and Mining Fund, has got an okay from the anti-monopoly watchdog to acquire a minority stake in Sajjan Jindal-led unlisted JSW Cement Ltd. 

This will be the fund’s biggest investment in India, according to a person. 

As per its website, the fund has deployed alongside co-investors $470 million across nine investments including in sectors such as steel, auto components, mining, and power. The bets are spread across seven countries – Brazil, Italy, Romania, Thailand, India, Indonesia, and Myanmar. 

The fund’s typical investment size is $20-50 million. 

Established by Sudhir Maheshwari in 2015, Synergy is a private equity fund and strategic advisory firm. 

Maheshwari had previously worked with ArcelorMittal for over 26 years, served on the group management board and acted as the alternate chairman of the corporate finance and tax committee leading mergers and acquisitions (M&As), divestitures and financing transactions.  

He also managed investments in oil and gas, cement and infrastructure sectors. 

JSW Cement, part of the Indian billionaire Sajjan Jindal’s $12 billion JSW group, manufactures cement, clinker and related products at its plants at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Dolvi in Maharashtra, Shiva Works in Odisha and Salboni in West Bengal. It currently has a capacity of 14 million tonnes.

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