Vedanta acquires Goa-based nickel and cobalt producer Nicomet
Indian mining company Vedanta said that it has acquired Nicomet, a Goa-based nickel and cobalt producer, for an undisclosed price.
The deal will enable Vedanta to become the sole producer of nickel in India.
According to Vedanta, the acquisition of Nicomet aligns with its ESG mission and is a major step towards helping India in its carbon neutrality goals.
Nicomet is a certified producer of battery grade nickel sulphate crystals that are used for the manufacturing of electric vehicle batteries. The company’s plant can produce 7.5 KTPA nickel and cobalt.
Vedanta claimed that it is well-positioned to cover 50% of the total demand for nickel in India.
Anil Agarwal — Vedanta Chairman said: “We are excited about Vedanta’s foray into nickel and cobalt production which will play a critical role in supporting Govt’s mission for an Aatmanirbhar Bharat.
“Nickel and Cobalt are a metal of great strategic importance, especially for our transition towards clean energy and electric mobility. 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.”