AUGUST 20248ADANI WILMAR TO VENTURE INTO EDIBLE OIL BUSINESSVEDANTA NICO INKS PACT FOR SUPPLYING NICKEL TO AESIR TECHNOLOGIESAdani Wilmar plans to invest approximately Rs 600 crore this fiscal year to expand its processing capacities in the edible oil business and launch new food products for both consumers and institutional buyers, according to Managing Director and CEO Angshu Malick. This investment is part of a broader strategy to achieve higher growth in volume terms, and it Vedanta Nico, a branch of Vedanta announced that it has agreed with US company AEsir Technologies for the provision of nickel, an essential element for advanced batteries. Nickel is crucial in EV battery technology, especially in the cathode, where it boosts energy density, power output, and battery longevity. Batteries high in nickel content, like nickel-zinc is in addition to the ongoing expansion programs worth around Rs 3,400 crore aimed at increasing capacities across various business segments.Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar, needs to reduce its promoters' stake to 75 percent by February next year from the current 88 percent to comply with SEBI's minimum public shareholding requirement of 25 percent. The company's current market capitalization stands at Rs 45,794 crore.Headquartered in Ahmedabad, Adani Wilmar operates in the edible oil, food & FMCG, and industry essentials sectors, with most products sold under the '. Total income increased to Rs 14,229.87 crore from Rs 12,994.18 crore in the corresponding period of the previous year.In an interview with PTI, Malick highlighted the company's performance in the first quarter of 2024-25, noting a 12 percent growth in volume and a 10 percent growth in value. In the edible oil segment, the company achieved a volume of one million tonnes, representing a 12 percent increase. The food and FMCG business experienced around 40 percent growth in both volume and value terms, with a 19 percent volume growth when excluding rice exports on a government-to-government basis.These strategic investments and expansions are designed to bolster Adani Wilmar's market position and drive significant growth across its business verticals. types, provide quick charging, decrease dependence on cobalt, and enhance the overall value proposition of electric vehicles (EVs).The increasing use of electric vehicles is expected to cause the global need for nickel in batteries to increase from 150,000 tonnes in 2020 to 500,000 tonnes by 2025."Vedanta Nico, India's primary nickel producer, has signed a strategic Memorandum of Understanding (MoU) with AEsir Technologies, Inc, a US-based innovator in advanced battery technologies," Vedanta Nico said in a statement.Vedanta Nico has partnered to advance and market innovative nickel-zinc batteries for vital infrastructure, 5G telecommunications, and electric vehicle charging, they announced."We are thrilled to partner with AEsir Technologies to create a game-changing battery solution for the critical infrastructure, 5G telecom, and EV market. Our expertise in nickel production, coupled with AEsir's innovative zinc battery technology, positions us to deliver a product that meets the evolving needs of the industry.This collaboration aligns with our vision of contributing to a sustainable future through responsible mining and value-added products," Vedanta Nico COO Prashuk Jain said. TOP STORIES
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