INDY's Strategic Moves Challenging Coal Domination

PT Indika Energy Tbk. (INDY) has been executing a series of strategic moves throughout the year, all geared towards achieving the objective of minimizing its involvement in the coal sector while simultaneously bolstering its presence in the electric vehicle and new renewable energy (NRE) domains.

Annisa Kurniasari Saumi

3 Okt 2023 - 19.39
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INDY's Strategic Moves Challenging Coal Domination

PT Indika Energy Tbk coal loading and unloading activities. Photo/indikaenergy.co.id

Bisnis, JAKARTA—PT Indika Energy Tbk. (INDY) has been executing a series of strategic moves throughout the year, all geared towards achieving the objective of minimizing its involvement in the coal sector while simultaneously bolstering its presence in the electric vehicle and new renewable energy (NRE) domains. These maneuvers are closely tied to INDY's ambitious goal of securing 50% of its revenue from non-coal sectors by 2025.

Recently, PT Indika Energy Tbk. (INDY) concluded a significant transaction by divesting the PT Multi Tambangjaya Utama (MUTU) coal mine to PT Petrindo Jaya Kreasi Tbk., an entity owned by Prajogo Pangestu.

This deal, governed by a conditional sale and purchase agreement (CSPA), involves the sale of all 2.26 billion shares held by the sellers in MUTU, alongside the transfer of all rights and obligations associated with the Marketing Rights. The total transaction amounts to an impressive $218 million.

CEO and Vice President Director of INDY Azis Armand explained that this divestiture aligns with INDY's strategy as an investment firm with a diversified business portfolio.

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Editor: Aprilian Hermawan
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INDY's Strategic Moves Challenging Coal Domination

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