JAKARTA. PT Indika Energy Tbk (INDY) has reportedly established a new subsidiary, investing IDR 60 billion, to expand its business to electric vehicles (EV) industry.

Adi Pramono, Corporate Secretary of INDY, said that this new subsidiary is called PT Kalista Nayara Dayautama (KND). The new subsidiary formation was carried out by other subsidiaries of INDY, PT Kalista Nusa Armada (KNA) and PT Solusi Mobilitas Indonesia (SMI).

KND is formed with an investment worth IDR 60 billion. Then, 99.99% of its shares are owned by KNA, leaving the small portion to SMI.

Pramono mentioned that KND formation is in line with Indika Group’s initiative to expand its business in the EV sector. “Particularly in the development of EV charging infrastructures,” he added in the information disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, INDY recorded cash and cash equivalent of USD 677.21 million at the end of June 30, 2023. Meanwhile, its total assets were worth USD 3.06 billion, and its total equity clocked up to USD 1.35 billion. (KR/ZH)