With the Acquisition of Nicoment, Vedanta Becomes the only Nickel Producer in India

Vedanta, an Indian mining company, has acquired the Goa-based Nicomet, the leading nickel, and cobalt producer. The company said in a press release that the nickel market is seeing a surge in battery demand and stainless steel production, the company decided to acquire Nicomet. 

Nicomet has the capacity to produce 7.5 tonnes of nickel and cobalt in a year. With the acquisition of Nicomet, Vedanta is aiming to meet 50% of the nickel demand of India. The acquisition has also made Vedanta the only nickel producer in India. The spokesperson of Vedanta said that the acquisition does not need CCI (Competition Commission of India) approval as it was acquired under the Insolvency and Bankruptcy Code. As Nicomet was already under liquidation, it is possible that an exemption was given based on its assets and turnover value.