Vedanta acquires nickel-cobalt producer Nicomet

New Delhi

Nicomet marks a major strategic acquisition for Vedanta and is expected to strengthen its portfolio of iron and steel business. The acquisition comes at a time when the nickel market is tightening with a surge in battery demand and an increase in global stainless-steel production in recent years, a trend that is expected to continue in 2022. 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. In line with Vedanta’s ESG mission, the buy-out 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.