Vedanta Resources on Monday said it had acquired Nicomet, a leading nickel and cobalt producer based in Goa, India. The acquisition makes Vedanta the country's sole nickel producer.
The acquisition is in line with Vedanta's environmental, social and governance (ESG) mission and is a step towards supporting India's goal of carbon neutrality, the company said in a statement.
"India imports 100 percent of its nickel and our focus will be on increasing domestic production and facilitating India's transition to a low-carbon economy," said Anil Agarwal, chairman of the company.
India's demand for nickel is 45,000 tonnes a year, entirely through imports. Currently, Nicomet's plant has a capacity to produce 7,500 tonnes of nickel and cobalt. Vedanta is well positioned to meet 50 per cent of the country's nickel demand.
Nicomet Industries Limited is a private company incorporated on 2 April 1993 and has been principally engaged in the manufacturing (metals and chemicals and their products) business for the past 28 years. Nicomet uses hydrometallurgical solvent extraction to produce nickel and cobalt metals and their derivatives, an electrolytic process to extract nickel and cobalt metals, and has a dedicated landfill for solid waste. With ISO 9001 quality certification and a strong r&d focus, Nicomet is now the world's certified manufacturer of high-quality battery-grade nickel sulfate crystals for the manufacture of electric vehicle batteries.
