Danantara Explores Rp2 Trillion Investment in Bakrie Group’s Electric Vehicle Business
Jakarta – PT Danantara Investment Management (DIM) is exploring an investment of up to Rp2 trillion in PT Bakrie & Brothers Tbk (BNBR). The plan is related to the development of the electric vehicle business operated by PT VKTR Teknologi Mobilitas Tbk (VKTR), a company affiliated with BNBR.
The investment exploration was formalized through the signing of an indicative non-binding term sheet between DIM and BNBR. The document serves as an initial step in discussions over potential funding to support the development and expansion of VKTR’s mobility-as-a-service (MaaS) business.
According to VKTR’s disclosure, the proposed funding could reach a maximum of Rp2 trillion. The financing scheme is also expected to include a conversion option, with the mechanism to be determined in the definitive documents.
“Based on the initial indications set out in the Term Sheet, the potential provision of funding will be made in an indicative principal amount of up to Rp2,000,000,000,000. The Funding Plan will include a conversion option, as may be determined at a later date in the definitive documentation,” VKTR management wrote in its disclosure, as quoted on Wednesday (September 2, 2026).
The funds are planned to finance the procurement of electric buses and/or electric trucks. The possibility of using the funds for other purposes also remains open, although such uses will be determined and agreed upon by DIM and BNBR in the definitive documents.
Still at an Early Stage
Despite the potential funding reaching Rp2 trillion, the transaction does not yet constitute a final investment commitment. The term sheet that has been signed remains non-binding.
VKTR said the realization of the cooperation will depend on further discussions and the signing of definitive documents by the parties involved.
“Therefore, once the definitive documents have been signed and create binding rights and obligations for the parties, the Company will comply with the provisions governing affiliated transactions and/or conflicts of interest as stipulated under OJK Regulation No. 42/POJK.04/2020 concerning Affiliated Transactions and Conflicts of Interest, as well as material transactions under OJK Regulation No. 17/POJK.04/2020 concerning Material Transactions and Changes in Business Activities, as applicable,” VKTR management said.
More broadly, Danantara views the development of commercial electric vehicles as part of the energy transition agenda. Danantara Indonesia Chief Investment Officer Pandu Sjahrir said the electrification of commercial vehicles could help accelerate electric vehicle adoption in Indonesia.
“Investment in the electrification of commercial mobility is an investment in the long-term energy transition that can have a positive impact on accelerating the adoption of electric vehicles nationally,” Pandu said in an official statement on Wednesday (September 2, 2026).
Pandu said the cooperation is aligned with the government’s priorities to reduce emissions, strengthen domestic industries, promote downstream processing, and build a more sustainable economic foundation.
The development of the MaaS model is also intended to establish a more integrated electric mobility ecosystem. The scheme is expected to expand access to financing while helping fleet operators transition from conventional vehicles to electric vehicles, including electric bus operations in various regions of Indonesia.
Beyond transportation electrification, the collaboration is also aimed at deepening the national battery industry’s value chain and supporting the downstream processing of critical minerals, which is one of Danantara’s investment priorities.
Pandu emphasized that the investment process still needs to go through due diligence before a final decision is made.
“The non-binding term sheet that has been signed serves as an initial framework. A comprehensive due diligence process will be conducted to ensure that the transaction can deliver strong commercial value and make a positive contribution to Indonesia’s economic development,” he said.
VKTR is engaged in the battery-based electric vehicle sector. Its business activities include the trading of vehicles and components, maintenance services, vehicle assembly, and the manufacturing of spare parts through its subsidiaries.
Therefore, the Rp2 trillion funding plan remains at the exploration stage. The final investment amount, transaction structure, and implementation are still subject to further discussions and the completion of definitive documents.
