Vedanta has acquired Nicomet. With this acquisition, Vedanta has become India’s sole producer of Nickel. The move is a significant step in Vedanta’s mission towards making India self-reliant in key critical minerals.
Nickel, a strategic mineral, is a vital input in the manufacturing of stainless steel and batteries for electric vehicles (EVs). Similarly, Cobalt is a key element for the 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 the transition to renewable and cleaner energy.
With Vedanta’s foray into the production of these critical minerals, India will be in a better position to manufacture EV batteries, and support the production of high-quality steel products, a key building block for Infrastructure growth.
Nicomet has emerged as a certified producer of high-quality battery-grade Nickel Sulphate Crystals used for manufacturing of batteries of electric vehicles globally. At present, Nicomet’s plant has a capacity to produce 7.5 KTPA Nickel & Cobalt.
Nicomet marks a major strategic acquisition for Vedanta and is expected to strengthen its portfolio of Iron and Steel business.