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Vedanta buys nickel-cobalt producer Nicomet
Vedanta buys nickel-cobalt producer Nicomet
Vedanta on Monday said it has acquired Nicomet, a leading nickel and cobalt producer which is based in Goa.
New Delhi: Vedanta on Monday said it has acquired Nicomet, a leading nickel and cobalt producer which is based in Goa.
The acquisition is in line with Vedanta's ESG mission and 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.
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.
Both nickel and cobalt are regarded as the minerals of the future which will play a leading role in transition to renewable and cleaner energy.
