Critical Minerals and Energy Intelligence

Vedanta Acquiring Nicomet to Become India’s Sole Nickel producer

Vedanta has acquired Goa-based Nicomet with a view to establishing itself as the only producer of nickel in India. Until now, India has relied entirely on imports to meet its nickel demand, which currently stands at around 45,000 tonnes per year. In a statement, the company said “This acquisition puts us in a unique position to support India’s self-sufficiency goals in critical minerals, Nickel and cobalt are metals of strategic importance, especially as the country transitions to electric mobility and clean energy.”

Nicomet’s facility is currently capable of producing 7,500 tonnes of nickel and cobalt annually. Vedanta says it plans to ramp up production aggressively, with the aim of eventually meeting up to half of India’s total nickel demand. The company emphasized that the acquisition aligns with its broader ESG and sustainability strategy.

Nickel sulphate, one of Nicomet’s key products, is used globally in EV battery manufacturing. The plant already produces high-purity, battery-grade crystals, and is ISO 9001-certified for quality—an important credential in the competitive battery materials market.

The company feels that this deal slots neatly into its growing steel and iron portfolio, but as governments and automakers race toward decarbonization, the supply of key minerals like nickel and cobalt has become a geopolitical issue that is only going to intensify. Mostly, we hear about China, Russia, and the West. However, it’s worth bearing in mind that for India, which currently imports 100% of its nickel, Vedanta’s move is both a business play and a security of supply play.

Anthony Milewski

Chairman, Nickel 28 Capital

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