Vedanta, which operates across metals and oil sectors, announced plans to increase its production of nickel and nickel sulphate to capitalize on the rising demand for electric vehicle (EV) battery materials in Northeast Asia. The company revealed its intention to expand capacity through its Vedanta Nico division.
As reported by reuters.com, while India’s electric vehicle market is still emerging compared to Japan and South Korea, Vedanta is focusing on exploiting the growing demand for EV materials in Northeast Asia.
The company has urged the government to negotiate with Japan and South Korea to remove import duties on nickel sulphate, which is crucial for EV battery production, in order to boost India’s competitive edge.
“We see a significant opportunity in the Northeast Asian market for nickel sulphate, which is a valuable product for battery production,” the company stated. Vedanta’s expansion aims to support India’s export targets and contribute to the country’s goal of increasing overall goods exports to $1 trillion by 2030, up from $437 billion in the 2023/24 fiscal year.
India is the third-largest carbon emitter globally, has identified nickel as essential for advancing cleaner technologies, particularly in transportation. The government is offering substantial incentives to develop domestic EV and battery manufacturing.
Recently, the government launched a $1.3 billion initiative to boost EV sales in India. Currently, EVs represent only about 7% of the total 23.8 million cars, scooters, and trucks sold in India last year.
