Indika Energy, A Company Owned By Conglomerate Agus Lasmono Sudwikatmono, Officially Conducts Electric Car Business

Illustration. (Photo: Doc. Between)

JAKARTA - Coal mining company PT Indika Energy Tbk (INDY) is expanding its business into the electric vehicle sector. They established a business entity called PT Electra Mobilitas Indonesia (EMI).

Quoted from the report of the company owned by conglomerate Agus Lasmono Sudwikatmono to the Indonesia Stock Exchange (IDX), Thursday, April 8, Corporate Secretary of Indika Energy Adi Pramono said, Indika Energy together with its subsidiary, PT Indika Energy Infrastructure, established the company PT Electra Mobilitas Indonesia (EMI).

EMI's purposes, objectives, and business activities include the large trade in motorcycle parts and accessories; large trade of various spare parts, components, car accessories; as well as conducting management consulting services.

"The total capital disbursed to EMI reaches IDR 40 billion", said Adi Pramono.

INDY holds 99.9975 percent of EMI's shares or IDR 39.99 billion. Meanwhile, Indika Energy Infrastructure (IEI) only holds 0.0025 percent of EMI shares or equivalent to IDR 1 million. Meanwhile, all IEI shares are owned by INDY. Adi explained that the inclusion of INDY shares in EMI is a step for the company to expand its business into the electric vehicle sector in Indonesia.

Previously, Indika Energy through a joint venture with Fourth Partner Energy was ready to spend USD 500 million in the next 4 years to work on electric power projects.

President Director of Indika Energy Arsjad Rasjid said that the newly formed joint venture with Fourth Partner Energy will invest up to USD 500 million in Indonesia from 2021 to 2025.