Anil Agarwal-led Vedanta Ltd has acquired Nicomet, a leading nickel and cobalt producer based in Goa, making Vedanta the sole producer of Nickel in the country. The valuation of the deal, however, has not been disclosed. The company dubbed the move as a step in Vedanta’s mission towards making India self-reliant in key critical minerals.
In a press release, Agarwal said: “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.”
Nickel is used in the manufacturing of stainless steel and batteries for electric vehicles (EVs). Similarly, cobalt is a vital input for lithium-ion battery for EVs, energy storage systems and has other uses like superalloy for steelmaking. Both nickel and cobalt are regarded as the minerals of the future which will play a leading role in transition to renewable and cleaner energy.
The acquisition of Nicomet is in line with Vedanta’s ESG mission and is a big step towards supporting India’s carbon neutrality goals, The company said in a media statement.
According to The Livemint, India’s demand for nickel is currently pegged at 45 KTPA which is entirely met through imports. plant has a capacity to produce 7.5 KTPA nickel & cobalt. With an ambitious growth plan in place, Vedanta is poised to meet 50% of the country’s total Nickel demand.