Vedanta Nico plans to expand nickel and nickel sulphate production capacity to capitalize on rising demand from countries in northeast Asia for electric vehicle (EV) batteries. The company cited weaker demand in India and urged the government to push for trade pact changes with Japan and South Korea to eliminate import duties on nickel sulphate.
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.
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 in North East Asian region which can play an important role in driving the growth of India’s exports,” the statement said.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.Lithium world asks if surprise mine shutdown can arrest slumpChina nickel tycoon seeks growth in US energy storage market REPT BATTERO Energy, a unit of Tsingshan Holding Group, this week opened an office in California, marking its first US outpost.
Vedanta Nickel EV Batteries Northeast Asia Trade Pact
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