Vedanta has acquired Nicomet, a leading nickel and cobalt producer based in Goa, for an undisclosed amount.
The Anil Agarwal-company has become the only nickel producer in the country.
“India imports 100 per cent of its nickel requirements and our focus will be to boost domestic production that would fuel India’s transition to a net zero economy,” Anil Agarwal, chairman of Vedanta, said.
He said: “We are excited about Vedanta’s foray into nickel and cobalt production which will play a critical role in supporting the government’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.”
