JAKARTA: State asset fund Danantara and sovereign wealth fund Indonesia Investment Authority (INA) have signed a memorandum of understanding (MoU) to become strategic investors in the expansion of publicly listed petrochemical giant Chandra Asri Group.
The two government-backed entities are eyeing a stake in Chandra Asri’s upcoming Chlor Alkali and Ethylene Dichloride (CA-EDC) plants, in a joint investment that could reach up to US$800mil.
Danantara chief investment officer Pandu Sjahrir said the move aligned with the government’s push to advance downstream industries.
“The chemical sector underpins key value chains, from manufacturing to energy transition, especially in nickel processing and alumina refining.
“This investment strengthens national resilience by reducing dependence on imports for essential products like caustic soda and Ethylene Dichloride,” he said.
Formed in February, Danantara has brought 844 state-owned enterprises under its operational umbrella. — The Jakarta Post/ANN
