India’s Vedanta acquires nickel and cobalt maker Nicomet
Time:Thu, 23 Dec 2021 09:58:19 +0800
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Vedanta, a natural resources group, announced on Monday that it has acquired Nicomet, a leading maker of nickel and cobalt located in Goa. With this acquisition, Vedanta has become the only nickel producer in India.
The company has not revealed the amount of this acquisition. This move is a significant step for Vedanta to make India self-reliable in key minerals.
Nickel is an important raw material for making stainless steel and batteries for electric vehicles. Identically, cobalt is also a key factor for lithium-ion batteries for electric vehicles, energy storage systems, and other applications such as steelmaking for superalloy.
Currently, India has to import 100% from overseas to meet its nickel demand. With this acquisition, Vedanta will focus on boosting domestic production, which would push India’s transition to a net-zero economy.
