Natural resources conglomerate Vedanta has acquired Nicomet, a leading nickel and cobalt producer in Goa, for an undisclosed amount. With the acquisition, Vedanta becomes India’s sole producer of nickel. The move is a step in the company’s mission towards making India self-reliant in critical minerals, the company said. The acquisition is in line with Vedanta’s environmental, social and governance mission and is a step towards supporting India’s carbon neutrality goalsNicomet has emerged as a certified producer of high-quality battery-grade nickel sulphate crystals used for manufacturing EV batteries globally. India’s demand for nickel is pegged at 45 KTPA, which is entirely met through imports. Nicomet has a capacity to produce 7.5 KTPA nickel and cobalt.Nickel, a strategic mineral, is a vital input for manufacturing stainless steel and batteries for electric vehicles. Similarly, cobalt is a key element for lithium-ion batteries for EVs and energy storage systems, besides other use cases such as a superalloy for steelmaking. Both nickel and cobalt are considered as the minerals of the future, which will play a leading role in the transition towards renewable and cleaner energy.
Natural resources conglomerate Vedanta has acquired Nicomet, a leading nickel and cobalt producer in Goa, for an undisclosed amount. With the acquisition, Vedanta becomes India’s sole producer of nickel. The move is a step in the company’s mission towards making India self-reliant in critical minerals, the company said. The acquisition is in line with Vedanta’s environmental, social and governance mission and is a step towards supporting India’s carbon neutrality goalsNicomet has emerged as a certified producer of high-quality battery-grade nickel sulphate crystals used for manufacturing EV batteries globally. India’s demand for nickel is pegged at 45 KTPA, which is entirely met through imports. Nicomet has a capacity to produce 7.5 KTPA nickel and cobalt.Nickel, a strategic mineral, is a vital input for manufacturing stainless steel and batteries for electric vehicles. Similarly, cobalt is a key element for lithium-ion batteries for EVs and energy storage systems, besides other use cases such as a superalloy for steelmaking. Both nickel and cobalt are considered as the minerals of the future, which will play a leading role in the transition towards renewable and cleaner energy.
