Nickel Industries (ASX:NIC) said Sphere completed the acquisition of a 10% stake in the Excelsior nickel cobalt high-pressure acid leach (ENC HPAL) project in Indonesia, according to a Friday filing with the Australian bourse.

Nickel Industries also agreed with its largest shareholder, Shanghai Decent, to revise the project's acquisition schedule, where the company will acquire a final additional 2% stake in the project, the filing said.

It aims to provide the final payment of $46 million by March 31, to secure the additional stake, the filing added.

Upon completion of the payment, the company will hold a 46% interest in the project.

Shares of the company fell 2% in recent Friday trade.