News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 12 years ago
Rediff.com  » Business » Reliance ADAG to invest $5-10 bn in Indonesia

Reliance ADAG to invest $5-10 bn in Indonesia

Source: PTI
Last updated on: May 18, 2011 16:48 IST
Get Rediff News in your Inbox:
Billionaire industrialist Anil Ambani on Wednesday committed investments worth $5-10 billion in various businesses in Indonesia at a meeting with the South Asian nation's President 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, Reliance ADAG Chairman also met 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, BKPM Head Gita Wirjawan said that the Reliance ADA Group has committed to new investment in Indonesia worth $5 billion - $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.

Anil Ambani also met Indonesia's Industry Minister MS Hidayat Al and Transportation Minister Freddy Numberi among others.

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

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!