Indika Energy Is Getting Serious About Working On Electric Vehicle Business

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Indika Energy Tbk (INDY) is getting serious about the business of electric vehicles. This is evidenced by its subsidiaries establishing a new company called PT Kalista Rotom Orbita (KRO) on July 7, 2023.

Indika Energy (INDY) Corporate Secretary Adi Pramono said Indika's children, both direct and indirectly owned by the Company, namely PT Kalista Nusa Armada (KNA) and PT Solusi Mobility Indonesia (SMI), had established a company called KRO.

"KRO will carry out business activities for leasing two-wheeled electric vehicles, trading new motorbikes, used motorcycles, spare parts and accessories, as well as operating electrical power supply installations," Adi said in an information disclosure on the Indonesia Stock Exchange (IDX) website quoted Wednesday, July 12.

Adi revealed that KNA holds 99.993 percent of KRO and SMI shares owning 0.007 percent of KRO shares.

According to Adi, the inclusion of KNA and SMI's shares in KRO is a continuation of the Company's groupary steps to expand its business in the electric vehicle sector, especially in the business to business market in Indonesia.