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Vedanta’s exports would help meet India’s overall export targets, the company said in the statement | (Photo: Reuters)
Indian metals-to-oil conglomerate Vedanta plans to step up nickel and nickel sulphate production and tap rising demand for EV battery materials in countries in northeast Asia, the company said on Thursday.
“Vedanta Nico plans to expand its capacity for nickel and nickel sulphate production going forward,” the company said in an emailed statement to Reuters, referring to its business unit.
The company did not give details about production figures and investment numbers.
Unlike Japan and South Korea, India’s electric vehicle market is still in its nascent stage.
Citing weaker demand in India, Vedanta has urged India’s government to press Japan and South Korea to change their trade pacts with New Delhi to eliminate their import duties on nickel sulphate used in EV batteries, Reuters reported on Wednesday.
Vedanta – part of London-headquartered Vedanta Resources and led by billionaire Anil Agarwal – plans to cash in on rising demand for EV materials like nickel and nickel sulphate from the countries in northeast Asia.
“We also see a great opportunity for nickel sulphate (a high value integral product used in battery production) in North East Asian region which can play an important role in driving the growth of India’s exports,” the statement said.
Vedanta’s exports would help meet India’s overall export targets, the company said in the statement.
India plans to boost its overall goods exports to $1 trillion by 2030, up from $437 billion in the 2023/24 fiscal year.
India, the world’s third-biggest carbon emitter, has identified nickel as “critical” to meet the country’s ambition for cleaner technologies in sectors such as transport.
Prime Minister Narendra Modi’s government is offering billions of dollars to companies willing to build EVs and batteries locally and this week launched a $1.3 billion program to boost EV sales in India.
Currently, EV sales in India are low making up around 7% of a total of 23.8 million cars, scooters and trucks sold in the country last year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 12 2024 | 1:52 PM IST