Reliance commits to invest $5-10 billion in Indonesia

Indian billionaire Anil Ambani's Reliance ADA Group on Wednesday committed investments worth $5-10 billion in various businesses in Indonesia at a meeting with 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 ADA Group chairman also met top officials of BKPM, the Investment Coordinating Board, a Reliance Power spokesperson said.

Reliance ADA 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-$10 billion in various sectors.

Anil Ambani also met industry minister MS Hidayat 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 in South Sumatra to the port in Muara Sabak in Jambi. (*)