Indonesia’s Danantara Eyes Major Overhaul of 800 State Firms Via Mergers, Closures

Indonesia’s sovereign wealth fund Daya Anagata Nusantara is reviewing the operations of more than 800 state companies and subsidiaries as part of a sweeping overhaul that would likely involve mergers and closures.

“State-owned enterprises have built their own mini-conglomerates,” Dony Oskaria, chief operating officer of Danantara, as the fund is known, said in a forum on Tuesday. He cited PT Telkom Indonesia as an example, which has around 200 subsidiaries, as well as airport manager PT Angkasa Pura and train operator PT Kereta Api Indonesia, which also run their own units.