NEW DELHI, Sept 12 (Askume) – Indian metals and oils group Vedanta (VDAN.NS) said on Thursday it plans to expand nickel and nickel sulphate production and take advantage of growing demand for electric vehicle battery materials in northeast Asian countries.
“Vedanta Niko plans to further expand its nickel and nickel sulphate production capacities,” the company said in an emailed statement to Askume, citing its business unit.
The company did not provide details on production and investment data.
Unlike Japan and South Korea, India’s electric vehicle market is still in its infancy.
Citing weak demand in India, Vedanta urged the Indian government to press Japan and South Korea to amend their trade agreements with India to exempt nickel sulphate used in electric vehicle batteries from import duty, Askume revealed on Wednesday.
Part of London-based Vedanta Resources, headed by billionaire Anil Aggarwal, Vedanta plans to capitalise on growing demand for electric vehicle materials such as nickel and nickel sulphate in the Northeast Asian country.
“We see large opportunities in Northeast Asia for nickel sulphate, a high-value integral product used in battery production, which could play a key role in driving India’s export growth,” the statement said.
Vedanta’s exports will help achieve India’s overall export target, the company said in a statement.
India plans to increase its total merchandise exports from $437 billion in FY 2023/24 to $1 trillion in 2030.
India, the world’s third-largest carbon emitter, sees nickel as “critical” to achieving the country’s ambitions to adopt clean technologies in sectors such as transport.
Prime Minister Narendra Modi’s government is offering billions of dollars to companies that produce electric vehicles and batteries locally and is launching a $1.3 billion program this week to boost electric vehicle sales in India.
Electric vehicle sales in India are currently low, accounting for about 7% of the country’s total sales of 23.8 million cars, scooters and trucks last year.
