Vedanta acquires nickel-cobalt company Nicomet
Vedanta acquires nickel-cobalt company Nicomet
Share:

Vedanta Limited, a metal and mining conglomerate, announced the acquisition of Nicomet, a nickel and cobalt producer based in Goa, on Monday. The move is consistent with Vedanta's goal of making India self-sufficient in critical minerals. Vedanta stated that with this acquisition, it will become India's sole nickel producer.

According to Vedanta, the move will help India achieve its carbon-neutral goals. Nickel, a strategic mineral, is used in the production of stainless steel and batteries for electric vehicles, whereas cobalt is used in the production of lithium-ion batteries for EVs, energy storage systems, and has other applications such as superalloy for steelmaking.

"Currently, India imports 100 percent of its nickel requirements; our focus will be on increasing domestic production, which will fuel India's transition to a 'Net Zero' economy," said Anil Agarwal, Chairman of Vedanta. Notably, the acquisition comes at a time when the nickel market is tightening due to an increase in global stainless-steel production and a surge in battery demand in recent years, a trend that is expected to continue into 2022.

"The value of India's nickel and cobalt imports has steadily increased in recent years. With Vedanta's entry into the production of these critical minerals, India will be better positioned to produce EV batteries "According to Vedanta's statement.

Fitch Rating downgrades Sri Lanka's IDR from CCC to CC

Finance Ministry: Adv tax collection is up 54 pc to Rs 4.6 La Cr this FY

Infrastructure investment would definitely pay off: Nitin Gadkari,

 

Join NewsTrack Whatsapp group
Related News