Vedanta Ltd acquires nickel and cobalt producer Nicomet
- ByStartupStory | December 21, 2021
Anil Agarwal led mining company said that it has acquired Goa-based India’s biggest nickel and cobalt producer, Nicomet. Vedanta released a statement saying that the company is making the acquisition 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 expected to continue into 2022.
Chairman of the mining company, Anil Agarwal said, “India imports 100% of its Nickel requirements; our focus will be to boost domestic production that would fuel India’s transition to a Net Zero economy,” He added,”We are excited about Vedanta’s foray into nickel and cobalt production which will play a critical role in supporting Govt’s mission for an Atma Nirbhar Bharat. Nickel and Cobalt are a metal of great strategic importance, especially for our transition towards clean energy and electric mobility”
With this acquisition, Vedanta Ltd has become the only nickel producer in the country. The company however didn’t disclose the deal size of the acquisition. “Since the asset acquired was under Insolvency and Bankruptcy Code (IBC), it does not require CCI (Competition Commission of India) approval,” said a spokesperson at Vedanta Ltd.
Nicomet has a capacity to produce 7.5 tons per annum of nickel and cobalt. With an ambitious growth plan in place, Vedanta said it is well poised to meet 50 percent of the country’s total nickel demand.
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