Reliance Group to invest $5-10 b in Indonesia

Billionaire industrialist Anil Ambani has committed investments worth $5-10 billion in various businesses in Indonesia at a meeting with the South Asian nation’s President Mr Susilo Bambang Yudhoyono in Jakarta.

The investments would be made in various sectors ranging from infrastructure, railways, power plants, mines, financial sector, media and entertainment business.

Besides the President, the Reliance ADAG Chairman also met the top officials of BKPM, the Investment Coordinating Board of the Republic of Indonesia, a Reliance Power spokesperson said.

Reliance ADAG group is present in infrastructure, power, telecom and entertainment businesses in India and last year, Reliance Power acquired two coal companies in Indonesia which own three coal mines in the country.

After the meeting, the BKPM Head, Mr Gita Wirjawan, said that the Reliance ADA Group has committed to new investments in Indonesia worth $5-10 billion in various sectors.

BKPM works as the primary interface between business and government and is mandated to boost domestic and foreign direct investment through creating a conducive investment climate.

Mr Anil Ambani also met Indonesia’s Industry Minister Mr MS Hidayat al and Transportation Minister Mr Freddy Numberi among others.

The Reliance ADA group is also planning to develop railway infrastructure facilities for transporting the coal from mines to the port in Indonesia. Source: Business Line