Who Is the Largest Shareholder of Indonesia Battery Holding?


The formation of Indonesia Battery Holding (IBH), consisting of Mining and Industry Indonesia (MIND ID), PT Pertamina, and PT Perusahaan Listrik Negara (PLN), can be completed in the next 1-2 months. The MIND ID Group CEO, Orias Petrus Moedak, said that the three state-owned companies’ equity participation in the holding, managing integrated electric vehicle (EV) battery industry will be evident next week. “Each [share ownership] one-third, if agreed, is done. Unless any of them insists on increasing the number, the discussion can be dragging,” he said on Thursday (10/15).

Orias explained that, in the future, IBH would manage the electric vehicle (EV) battery industry from upstream to downstream. A joint venture for each sector from mining to recycling will be available, involving PT Aneka Tambang (Antam) Tbk-MIND ID’s subsidiary, a subsidiary of Pertamina, and a subsidiary of PLN, as well as foreign partners. He also revealed that some potential foreign partners are interested in joining, such as Contemporary Amperex Technology Co Ltd (CATL) from China and LG Chem Ltd. from South Korea. At the moment, both of them are the world’s largest electric vehicle battery producers. Japanese investors also reportedly intended to participate in the joint venture.

The total investment value for the electric vehicle battery projects, Orias continued, could reach up to US$12 billion. He claimed that finding the project funds will not be difficult, as long as a joint venture (JV) with foreign partners exists. Generally, about 30 percent of the project funding comes from loans and 70 percent from equity. “The assumption [that the loan] is US$3.6 billion,” Orias explained while adding that the holding project funding could also come from the capital market.

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