VEDANTA
VEDANTA : VEDANTA LTD. HAS ACQUIRED NICOMET, A NICKEL AND COBALT PRODUCER BASED IN GOA.
Vedanta on Monday said it has acquired Nicomet, a leading nickel and cobalt producer which is based in Goa. The acquisition is in line with Vedanta’s ESG mission and is a big step towards supporting India’s carbon neutrality goals. With this acquisition, Vedanta has become the country’s sole producer of nickel, the company said in a statement. “The move is a significant step in Vedanta’s mission towards making India self-reliant in key critical minerals,” it said.
Nickel, a strategic mineral, is a vital input in the manufacturing of stainless steel and batteries for electric vehicles (EVs). Cobalt is a key element for lithium-ion battery for EVs, energy storage systems and has other uses like super alloy for steel making. Both nickel and cobalt are regarded as the minerals of the future which will play a leading role in transition to renewable and cleaner energy.
“We are excited about Vedanta’s foray into nickel and cobalt production which will play a critical role in supporting government’s mission for an Aatmanirbhar Bharat. Nickel and cobalt are a metal of great strategic importance, especially for our transition towards clean energy and electric mobility.
“Currently, India imports 100 per cent of its nickel requirements; our focus will be to boost domestic production that would fuel India’s transition to a net zero economy,” Vedanta Chairman Anil Agarwal said.
In recent years, the value of the country’s nickel and cobalt import has been growing steadily. With Vedanta’s foray into production of these critical minerals, India will be in a better position to manufacture EV batteries, the main component for EV vehicles and support 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.
Cobalt and nickel are used in the batteries to power electric vehicles (EVs) and in energy storage.
Cobalt is found associated mostly with copper and nickel ores and extracted as a by-product. Globally, the Democratic Republic of Congo (DRC) is the leading cobalt producer. China, Canada, and Australia also have significant reserves.
In India, occurrences of cobalt ores are reported from Jharkhand, Odisha, Rajasthan, Nagaland, and Madhya Pradesh. However, the nation meets its demand for cobalt usually through imports. Among players, Nicomet Industries is a leading producer of cobalt metal and different cobalt salts in India. It manufactures cobalt cathodes under NICO Brand in Maharashtra.
Nickel is found as oxides, sulphides, and silicates in India. Odisha accounts for the largest share of nickel ore resources in the country (93%), followed by Jharkhand and Nagaland. For nickel too, India is largely dependent on imports, given limited facilities to recover this metal from primary sources.
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