NEW DELHI: Shares of climbed 3 per cent in early trade Tuesday after the mining giant 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.
Vedanta’s scrip rose to a high of Rs 333.15 as against the previous close of Rs 323.20 on the National Stock Exchange.
Nickel and cobalt are both key inputs in manufacturing batteries for Electric Vehicles and are therefore seen occupying a leading position in the government’s push towards renewable energy.
“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 Aatmanirbhar Bharat. Nickel and cobalt are a metal of great strategic importance, especially for our transition towards clean energy and electric mobility,” reports quoted Vedanta’s chairman Anil Agarwal as saying.
Nicomet has a capacity to produce 7.5 KTPA (kilo tonnes per annum) nickel and cobalt, while India’s demand for nickel is estimated at around 45 KTPA, a need which is met wholly by imports, reports said.
According to Vedanta’s release, the purchase of Nicoment is a major strategic acquisition and is seen strengthening the existing portfolio of the iron and steel business.
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