On Monday, Vedanta, a natural resources group, announced its successful acquisition of Nicomet, a leading manufacturer of nickel and cobalt based in Goa, India. With this strategic move, Vedanta has now become India's exclusive producer of nickel. The exact financial terms of the acquisition remain undisclosed.
This acquisition holds great significance for Vedanta as it empowers India to achieve self-reliance in critical minerals. Nickel is a vital raw material used in the production of stainless steel and electric vehicle batteries, while cobalt is essential for lithium-ion batteries, energy storage systems, and applications such as superalloy steelmaking.
Presently, India relies entirely on imports to meet its nickel demand. By bolstering domestic production through the Nicomet acquisition, Vedanta aims to propel India's transition towards a net-zero economy.