IBC to Acquire Gesits Electric Motorcycle Manufacturer

By Editorial Team 08/08/2022
electric motorcycle
Summary

Indonesia Battery Corporation (IBC) plans to acquire PT Wika Industri Manufaktur (WIMA). MIND ID Director of Institutional Relations Dany Amrul Ichdan said the planned acquisition of Gesits electric motorcycle manufacturer is the company's step to cement its foothold in the downstream sector of the electric battery ecosystem. "For Wijaya Karya [WIMA's parent entity], this is not the core business. But it's our core business because it controls the downstream. So we acquire [WIMA], SOEs must work together," Dany said on Friday.

Besides acquiring WIMA, IBC also strengthens its electric battery ecosystem from the upstream, collaborating with China's PT Ningbo Contemporary Brunp Lygend Co Ltd (CBL) and South Korea's LG Energy Solution. State-Owned Enterprises (SOEs) Minister Erick Thohir said IBC secured US$15 billion in investment from the collaboration. "This proves that investors are confident in Indonesia's seriousness in developing the electric vehicle battery ecosystem," he said.

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