NEW DELHI: Natural resources conglomerate Vedanta on Monday informed that it has acquired Nicomet, a leading nickel and cobalt producer based in Goa. With this acquisition, Vedanta has become India’s sole producer of nickel in the country.
However, the company hasn’t disclosed the deal’s amount but it called this move a significant step in Vedanta’s mission towards making India self-reliant in key critical minerals.
“We are excited about Vedanta’s foray into nickel and cobalt production which will play a critical role in supporting the government’s mission for an Aatmanirbhar Bharat,” said Vedanta Chairman Anil Agarwal.
Nickel is a vital input in the manufacturing of stainless steel and batteries for electric vehicles (EVs). Similarly, cobalt is a key element for lithium-ion battery for EVs, energy storage systems and has other uses like super alloy for steelmaking.
“Currently, India imports 100% of its nickel requirements; our focus will be to boost domestic production that would fuel India’s transition to a net zero economy,” added Anil Agarwal. Currently India’s demand for nickel is pegged at 45 KTPA which is met through imports.