JAKARTA. PT Indika Energy Tbk (INDY) has allocated fresh funds of IDR 39 billion to introduce a joint venture (JV) with Foxteq Singapore Pte Ltd.
Adi Pramono, Corporate Secretary of INDY, announced the name of said new venture, which turns to be PT Foxconn Indika Motor (FIM). It is formed through one of its INDY’s subsidiaries, PT Mitra Motor Group (MMG), which will own 60% of FIM, leaving the remaining 40% to Foxteq.
“FIM will be involved in the manufacture of commercial electric vehicles and electric batteries,” Pramono claimed in the information disclosure in Indonesia Stock Exchange (IDX).
On the same occasion, Pramono said that the establishment of FIM is intended to promote the business expansion to the electric vehicle sector. “Especially four-wheel electric vehicles in Indonesia,” he added.
Based on idnfinancials.com data, INDY recorded cash and cash equivalents of USD 928.35 million in June 2022. Meanwhile, its assets clocked up to USD 3.97 billion. (KR/ZH)