Vedanta acquires Goa-based nickel and cobalt manufacturer Nicomet

Vedanta Limited has acquired Goa’s nickel and cobalt manufacturing company Nicomet Industries Limited.

Vedanta has become the only producer of nickel in India after this acquisition.

The company said that it is a step towards India's goal of self-reliance in critical minerals. It is in line with the company's environmental, social and governance (ESG) mission towards carbon neutrality goals.

Nickel is used in manufacturing stainless steel and electric vehicle (EV) batteries. Likewise, Cobalt is used in lithium-ion batteries for EVs, energy storage systems and superalloy for steelmaking. These metals are expected to play a leading role in clean energy and renewable energy.

India's nickel and cobalt imports are increasing steadily. After the acquisition, India will be in a better position to manufacture EV batteries, equipment of EVs, steel production, and the building block for infrastructure growth.

Nicomet Industries Limited in Goa is a leading producer of high-quality battery-grade nickel sulphate crystals for making EV batteries. The company has a capacity of 7.5-kilotonnes per annum (ktpa).

The demand for nickel in India has pegged at 45 ktpa through imports. Vedanta expects to cater to 50% demand for nickel in India. It will also play a critical role in supporting the government's Aatmanirbhar Bharat.

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