JAKARTA. PT Indika Energy Tbk (INDY) has established a new subsidiary in the electric vehicle (EV) battery manufacturing segment, investing a total of IDR 45 billion.

Adi Pramono, Corporate Secretary of INDY, said that this subsidiary formation is carried out through PT Industri Baterai Nusantara (IBN) and PT Solusi Mobilitas Indonesia (SMI). IBN and SMI are subsidiaries both directly and indirectly owned by the company.

This new subsidiary unit, Pramono said, is established under the name PT Manufaktur Teknologi Baterai (MTB). The capital investment put in by IBN is IDR 44.99 billion, equal to 99.998% of the shares, while SMI placed IDR 1 million or IDR 0.002%.

“MTB will initiate activities in the battery industry for EV, which includes manufacturing of all kinds of batteries for electric vehicles,” Pramono explained.

Furthermore, Pramono also said that the establishment of MTB is in accordance with the long-term business strategy of the company, which is business expansion to EV sector. (KR/ZH)