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.

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