Here, we track where the money goes, which state-owned assets are being mobilized, and what projects are being prioritized—often without public debate, transparent contracts, or public oversight.
| Strategic Projects | Location | IDR Trillion | Workforce | Link |
|---|---|---|---|---|
| DME Industry (Coal) | Bulungan, Kutai Timur, Kota Baru, Muara Enim, Pali, Banyuasin | 164 | 34.800 | |
| Oil Refinery | Lhokseumawe, Sibolga, Natuna, Cilegon, Sukabumi, Semarang, Surabaya, Sampang, Pontianak, Badung (Bali), Bima, Ende, Makassar, Donggala, Bitung, Ambon, Halmahera Utara, Fakfak | 160 | 44.000 | |
| Oil Storage Tanks | Lhokseumawe, Sibolga, Natuna, Cilegon, Sukabumi, Semarang, Surabaya, Sampang, Pontianak, Badung (Bali), Bima, Ende, Makassar, Donggala, Bitung, Ambon, Halmahera Utara, Fakfak | 72 | 6.960 | |
| Alumunium Smelter Industry (Bauxite) | Mempawah, Kalimantan Barat | 60 | 14.700 | |
| Stainless Steel Slab Industry (Nickel) | Kawasan Industri Morowali, Sulawesi Tengah | 38,4 | 12.000 | |
| Integrated Solar Module (Bauxite & Silica) | Kl Batang Jawa Tengah | 24 | 19.500 | |
| Copper Rod, Wire & Tube (Copper Cathode) | Gresik, Jawa Timur | 19,2 | 9.700 | |
| Iron and Steel Industry (Iron Sand) | Kabupaten Sarmi, Papua | 19 | 18.000 | |
| Chemical Grade Alumina Industry (Bauxite) | Kendawangan, Kalimantan Barat | 17,3 | 7.100 | |
| Chlor Alkali Plant Industry (Salt) | Aceh, Kalimantan Timur, Jawa Timur, Sumsel, Riau, Banten, NTT | 16 | 33.000 | |
| Bio-jet Fuel Industry (Used Cooking Oil) | KBN Marunda, Kl Cikarang, Kl Karawang | 16 | 10.152 | |
| Manganese Sulfate Industry (Manganese) | Kupang, NTT | 3,1 | 5.224 | |
| Oleood Industry (Palm Oil) | KEK Maloy Batuta Trans Kalimantan Timur (MBTK) 3 | 3 | 4.800 | |
| Industry for Nata de Coco (Coconut) | Ki Tenayan, Riau | 2.3 | 22.100 | |
| Oleoresin Industry (Nutmeg) | Kabupaten Fakfak, Papua Barat | 1,8 | 1.850 | |
| Asphalt Industry (Buton Asphalt) | Buton, Sulawesi Tenggara | 1,5 | 3.450 | |
| Tilapia Fillet Industry (Tilapia Fish) | Banten, West Java, Central Java, East Java | 1 | 27.600 | |
| Carrageenan Industry (Seaweed) | Kupang, NTT | 0,2 | 1.700 | |
| Co-Generation Geothermal Project (45 MW) | Ulubelu (Lampung), Lahendong (North Sulawesi) | 2,7 (early investment) | 2.750 | |
| Chlor Alkali – Ethylene Dichloride Factory by PT Chandra Asri Pacific Tbk | Cilegon (Banten) | 13 | 3.250 | |
| Indonesian Hajj village investment in Saudi Arabia | Makkah (Arab Saudi) | unknown | unknown | |
| Takeover of Jakarta-Bandung High-Speed Rail debt | Jakarta, Bandung (West Java) | 81,2 (estimated) | 15.487 | |
| Loan to PT Garuda Indonesia (Persero) Tbk | Jakarta | 6,65 | 4.502 | IDX document |
| Purchasing unsold sugar in PG Assembagoes through PT Sinergi Gula Nusantara *unconfirmed | East Java | 1,5 | unknown | |
| Revitalising 20.413,25 hectares of fishponds | North Coast of Java | 26 | unknown | |
| Acquisition of nickel smelter GNI *still under review | Central Sulawesi | 325 (estimated) | 12.000 | |
| Investments in combined-cycle gas turbines, green hydrogen, and water desalination projects in partnership with ACWA Power | unknown | 164,8 | unknown | |
| High-pressure acid leach plant (HPAL) with PT Vale Indonesia and China’s GEM | Sulawesi | 23 (US$1,42 billion) | ||
| Acquisition of high pressure acid leach plant with French miner Eramet SA; the plant is owned by Chinese firm Zhejiang Huayou Cobalt Co. *unconfirmed | North Maluku | unknown | unknown | Bloomberg News |
| Project | Partner | Investment | Notes | ||||
|---|---|---|---|---|---|---|---|
| Amount (In Billion USD) | Amount (In IDR Trillion) | Type | Interest | Term | |||
| Downstream industry, renewable energy, healthcare, and priority sectors in Indonesia’s economic transformation agenda | Qatar Investment Authority (QIA) | 2 | Joint Investment Fund | US$ 2 billion from QIA and US$ 2 billion from Danantara, total US$ 4 billion | |||
| Future Fund of Australia | unknown | unknown | Australia expresses support for Danantara Indonesia’s membership in the International Forum of Sovereign Wealth Funds (IFSWF) | ||||
| Healthcare, consumer, infrastructure, natural resources, data centers and technology sectors | China Investment Corporation (CIC) | unknown | unknown | MoU Signed | |||
| Decarbonization, circular economy, including renewable energy, electricity transmission, water and waste management, and sustainable digital infrastructure such as green data centers and healthcare | Japan Bank for International Cooperation (JBIC) | unknown | unknown | MoU Signed | Press release (July 10, 2025) | ||
| Renewable energy generation, combined cycle gas turbines, green hydrogen and water desalination. | ACWA Power | 10 | MoU Signed | Partnership announcement | |||
| Chlor-Alkali dan Ethylene Dichloride plant development | Chandra Asri Group | 0.8 | MoU Signed | Project phase & capacity details | |||
| Advanced manufacturing and food security | Russia Direct Investment Fund (RDIF) | 2.3 | Joint Investment Platform | ||||
| High-pressure acid leach plant (HPAL) | PT Vale Indonesia, China’s GEM | 1.42 | Heads of Agreement Signed | Bloomberg coverage | |||
| Funding Source | Nominal | Description | Latest Update | Source | |
|---|---|---|---|---|---|
| USD (Billion) | IDR (Trillion) | ||||
| Foreign funding | 10 | 163 | Syndicated loans from international banks in Qatar, Russia, China, and Australia | US$3 billion reportedly to be disbursed to fund, among others, PT Chandra Asri Pacific Tbk’s Chlor Alkali – Ethylene Dichloride plant worth Rp13 trillion | Reuters |
| Intital government investment | 20 | 326 | State savings and optimization of the national budget (APBN) | Tempo | |
| SOE Dividen | 200 | Annually | Rp50 trillion originated from state-owned banks (Himbara) | CNN Indonesia | |
| No. | Project Name | Planned Output | Targeted Partner |
|---|---|---|---|
| 1 | Airline business restructuring | Improved performance of Garuda Indonesia and Citilink | Garuda Indonesia, Citilink |
| 2 | Steel manufacturing business restructuring | Improved performance of Krakatau Steel | Krakatau Steel |
| 3 | High-speed train business restructuring | Improved Jakarta-Bandung High Speed Railway performance | Jakarta-Bandung High Speed Railway |
| 4 | Insurance business restructuring | Improved insurance business performance | Insurances, including Askrindo, Jamkrindo, Asabri, and others |
| 5 | Construction state-owned enterprises business consolidation | Integrasi BUMN Karya. Yang tidak sehat akan disehatkan oleh Danantara dengan merge, kajian sedang disiapkan | Wijaya Karya, PP, Hutama Karya, Waskita Karya, Adhi Karya, Brantas Abipraya, Nindya Karya |
| 6 | Fertilizer business consolidation | Subsidies are more targeted at helping farmers | Pupuk Indonesia |
| 7 | Hospital business consolidation | Merged hospitals, developing healthcare facilities and research centers | The Sanur, IHC |
| 8 | Hotel business consolidation | Merged hotels under various state-owned business | |
| 9 | Sugar business consolidation | PTPN | |
| 10 | Downstream oil business consolidation | Improved Pertamina’s downstream business, reduced subholdings | Pertamina |
| 11 | Insurance business consolidation | Merged 16 state-owned insurance companies into three entities | |
| 12 | Asset management business consolidation | ||
| 13 | Industrial estate business consolidation | ||
| 14 | Merah Putih Cooperative business development | PT Danantara Asset Management supports government policies in Merah Putih Cooperative | Merah Putih Cooperative |
| 15 | Food business development | ID FOOD, Agrinas | |
| 16 | Electric vehicle battery business development | Integrated EV ecosystem by Antam, IBC, CATL, Brunp, and Lygend | |
| 17 | Pharmaceutical business development | Strategic investments, strengthening pharmaceutical raw materials industry | Biofarma, Kimia Farma |
| 18 | Cement business development | Semen Indonesia | |
| 19 | Sharia banking business development | ||
| 20 | Telecommunications business development | Telkom Indonesia | |
| 21 | Shipyard business development | PT PAL Indonesia and others | |
| 22 | Designing the governance of PT Danantara Asset Management |