Vedanta said it had acquired Nicomet, a leading nickel and cobalt producer based in Goa. However, the company did not divulge any more details on the acquisition and the cost.
The acquisition has been made by Vedanta’s wholly owned subsidiary Malco Energy Ltd. through the IBC process.
“With this acquisition, Vedanta has become India’s sole producer of nickel,” the company said in a statement. The unit is defunct since 2019 and Vedanta is expected to make it operational by the end of this fiscal. “Vedanta’s foray into nickel and cobalt production will play a critical role in supporting Aatmanirbhar Bharat,” said chairman Anil Agarwal.
