Vedanta buys Nickel and Cobalt producing company Nicomet

Tags: Economics/Business

• Anil Aggarwal company Vedanta ltd. has bought the Goa based Nickel and Cobalt producing company Nicomet.
• This will make Vedanta the sole company in India to produce nickel.
• Nickel, a strategic mineral, is a vital input for manufacturing stainless steel and batteries for electric vehicles (EVs).
• 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. 
• India’s demand for nickel is pegged at 45 Kilo Tonne Per annum (KTPA), which is entirely met through imports. Nicomet has a capacity to produce 7.5 KTPA nickel and cobalt. 
• India imports its nickel mainly from Guinea and Australia.