Indika Energy

What Indika Energy does

Indika Energy (PT Indika Energy Tbk) is a publicly listed Indonesian diversified investment company headquartered in Jakarta and listed on the Indonesia Stock Exchange under ticker INDY. Originally established in 1995 as Dipta Diwangkara, the group operated 4,306 employees as of 2025 and reported FY2025 revenue of US$2.03 billion. The company is organized across five business pillars: Energy, Logistics and Infrastructure, Minerals, Green Business, and Digital Ventures.

The Energy pillar spans coal mining through Kideco Jaya Agung (30.7 million tons produced in 2024 from a 50,921-hectare concession in East Kalimantan, producing sub-bituminous coal at 0.1% sulfur and 2.1-4.9% ash), oil and gas EPC through Tripatra Engineers and Constructors (notable projects include the US$1.1 billion Jangkrik FPU for ENI and BP Tangguh Train 3 FEED), and power generation through a 20% stake in Cirebon Electric Power (660 MW supercritical/ultra-supercritical coal plant in West Java). Logistics and Infrastructure covers Interport Mandiri Utama, KGTE (96 million-liter fuel storage terminal serving ExxonMobil under a 20-year contract), Kuala Pelabuhan Indonesia (exclusive port services to Freeport Indonesia in Timika, Papua), and a 29% interest in the Patimban Port consortium. Minerals includes Masmindo's Awak Mas gold project (2.0 Moz resource potential, Contract of Work through 2050, first gold targeted December 2026) and Mekko Metal Mining's 5,050-hectare bauxite concession in West Kalimantan.

The Green Business pillar houses EMITS (solar JV with Fourth Partner Energy, 36.8 MWp installed), ALVA electric motorcycles (sold through Experience Centers in Jakarta, Bali, Bandung, Surabaya, Semarang with Cikarang manufacturing), KALISTA Fleet-as-a-Service with 200+ EV charging stations, INVI EV solutions, and Indika Nature (135,000+ hectares of nature-based solutions, FSC-certified wood pellets, agroforestry, and the 250-hectare IMPACT mangrove program). Digital Ventures operates through Xapiens Teknologi Indonesia (IT and cybersecurity services). The company pursues long-term enterprise contracts with oil & gas majors (BP, ENI, ExxonMobil, Pertamina EP) and government entities (PLN, Ministry of Transport), and is publicly committed to net-zero by 2050 with a target of 50% non-coal revenue by 2028.

Name

Indika Energy

Legal name

PT Indika Energy Tbk

Website

https://indikaenergy.co.id

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Indika Energy is a publicly listed Indonesian diversified investment company operating across coal mining, oil & gas EPC, power generation, logistics, minerals, and green energy, serving global energy majors, state utilities, and government entities with FY2025 revenue of approximately US$2.03 billion.

Ownership category

akta.pro rank

Product category

Diversified Energy and Mining

NAICS

Fossil Fuel Electric Power Generation (221112), Solar Electric Power Generation (221114), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Bituminous Coal & Lignite Surface Mining (1221), Electric Services (4911), Oil & Gas Field Machinery & Equipment (3533), Bituminous Coal & Lignite Mining (1220)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Temporary Construction Utilities & Logistics (Laydown Yards, Temporary Power, Transport) (EUAMAFAL), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB)

Keywords

• Coal mining operations
• Oil and gas EPC
• Electric vehicle manufacturing
• Renewable energy solutions
• Energy logistics services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices27 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Coal Mining and Trading: Kideco Jaya Agung produces approximately 30.7 million tons of coal annually (2024) from surface mining operations in East Kalimantan. Coal products contain very low sulfur (avg. 0.1%) and low ash content, sold to domestic and international power producers. Indika Indonesia Resources handles coal, biomass, and mineral product trading.
2. EPC Services — Oil & Gas: Tripatra Engineers and Constructors provides engineering, procurement, construction, and installation (EPCI) services for large-scale oil and gas projects. Notable projects include $1.1 billion Jangkrik FPU for ENI, BP Tangguh FEED, and various refinery and ammonia plant projects.
3. Power Generation: Cirebon Electric Power (CEP) operates a 660 MW coal-fired power plant in West Java, contributing to domestic electricity generation. Indika Energy holds a 20% stake in CEP.
4. Minerals — Gold and Bauxite: Masmindo's Awak Mas gold project (14,390 hectares, Contract of Work valid through 2050) has estimated resource potential of 2.0 million oz gold and reserve potential of 1.1 million oz. Mekko Metal Mining manages a 5,050-hectare bauxite concession with 5.7 million tons reserves.
5. Renewable Energy — Solar Power Generation: EMITS (joint venture with Fourth Partner Energy) provides solar power solutions to commercial and industrial customers in Indonesia. Achieved 36.8 MWp total installed capacity as of 2025.
6. EV Ecosystem — Manufacturing, Sales, and Charging: Ilectra Motor Group (IMG) manufactures and sells ALVA electric motorcycles through Experience Centers across Indonesia. KALISTA operates a Fleet-as-a-Service EV platform. INVI manages EV charging station network (SPKLU). Revenue from EV product sales, charging services, and battery subscription models.
7. Logistics and Infrastructure Services: Interport Mandiri Utama provides end-to-end logistics. Kariangau Gapura Terminal Energi (KGTE) operates a 96 million-liter fuel storage terminal for ExxonMobil under a 20-year contract (valid through ~2038). Kuala Pelabuhan Indonesia serves Freeport Indonesia. Patimban Port consortium manages vehicle and passenger terminals.
8. Nature-Based Solutions and ESG Services: Indika Nature manages ecosystem restoration, biodiversity, carbon value, energy plantation (FSC-certified wood pellets), and agroforestry (essential oils) across 135,000+ hectares of land partnerships with local communities.

Pricing tiers

Go-to-market motion3 records

Distribution channels10 records

Marketing channels9 records

Core offering

Indika Energy is a diversified Indonesian energy and investment company operating across five business pillars: Energy (coal mining through Kideco Jaya Agung, 660 MW power generation via Cirebon Electric Power, and oil & gas EPC services through Tripatra), Logistics & Infrastructure (port operations, fuel storage terminals), Minerals (gold and bauxite mining), Green Business (solar power, nature-based solutions, and a full EV ecosystem including ALVA electric motorcycles, KALISTA Fleet-as-a-Service, and INVI EV charging), and Digital Ventures (Xapiens IT services). The company targets 50% non-coal revenue by 2028 and net-zero emissions by 2050.

Product overview

Indika Energy is a diversified investment company with a portfolio spanning five business pillars: Energy, Logistics and Infrastructure, Minerals, Green Business, and Digital Ventures. The company operates as a holding structure with multiple subsidiaries including coal mining (Kideco Jaya Agung), oil and gas EPC services (Tripatra), power generation (Cirebon Electric Power), logistics (Interport Mandiri Utama, KGTE), gold mining (Masmindo DWI Area), bauxite mining (Mekko Metal Mining), renewable energy (EMITS for solar power), nature-based solutions (Indika Nature), electric vehicles (ALVA electric motorcycles, KALISTA Fleet-as-a-Service, INVI EV solutions), and IT services (Xapiens). The portfolio is transitioning toward sustainability with a target of 50% non-coal revenue by 2028 and net-zero emissions by 2050.

Differentiator

Problem solved

Functional benefit

Products and services

• Kideco Jaya Agung (Coal Mining) Surface coal mining operation in Paser Regency, East Kalimantan, producing approximately 30.7 million tons of coal in 2024 from a 50,921-hectare concession with six mine sites (Roto North, Roto South, Roto South Biu, Roto Middle, Susubang, Samarangau). Produces sub-bituminous coal with very low sulphur (avg. 0.1%) and low ash content (2.1–4.9%), sold to domestic and international power producers.
• Tripatra (Oil & Gas EPC Services) Engineering, procurement, construction, and installation (EPCI) services for oil and gas projects, refineries, ammonia plants, and power infrastructure. Provides FEED and EPCI work for major clients including BP Tangguh, ENI Muara Bakau ($1.1 billion Jangkrik FPU project), PT Pertamina EP, PLN, and PT Pupuk Kalimantan Timur.
• Cirebon Electric Power (Power Generation) 660 MW coal-fired power plant in Kanci Cirebon, West Java, utilizing supercritical and ultra-supercritical technology with tangentially fired boiler and LO-NOx Burners. The technology keeps NOx emissions significantly below government thresholds while improving cycle efficiency and reducing coal consumption.
• Interport Mandiri Utama (Logistics Services) End-to-end logistics solutions provider operating in Jakarta, Surabaya, Sorong, Balikpapan, Babelan (Bekasi), and Aimas (West Papua). Combines Indika Logistic and Support Services and Kariangau Gapura Terminal Energi operations to serve mining, energy, and industrial customers across Indonesia.
• Kariangau Gapura Terminal Energi (Fuel Storage Terminal) Fuel storage terminal in Kariangau, East Kalimantan, with 96 million liters storage capacity, operating under a 20-year agreement for exclusive use by ExxonMobil. Builds, owns, and operates the terminal since November 2020.
• Masmindo DWI Area (Gold Mining - Awak Mas Project) Gold mining project (Awak Mas gold project) in Luwu, South Sulawesi, with estimated resource potential of 2.0 million ounces and reserve potential of 1.1 million ounces, under Contract of Work covering 14,390 hectares valid through 2050. First gold production trial targeted for December 2026.
• Mekko Metal Mining (Bauxite Mining)
• EMITS (Solar Power Solutions) Joint venture with Fourth Partner Energy providing one-stop-shop renewable energy solutions for commercial and industrial sectors in Indonesia. Achieved 36.8 MWp total installed solar panel capacity as of 2025, primarily through C&I projects with custom-quoted pricing and multi-year contracts.
• ALVA Electric Motorcycles Electric motorcycle brand of Ilectra Motor Group (IMG), manufactured at the ALVA Manufacturing Center in Cikarang, Java. Sold through Experience Centers in Jakarta (SCBD, Kelapa Gading, South City), Bandung, Surabaya, Semarang, and Bali. Holds ISO 9001 and ISO 14001 certifications. Battery subscription schemes lower adoption barriers.
• KALISTA (Fleet-as-a-Service EV Platform) Fleet-as-a-Service (FaaS) platform offering end-to-end EV solutions including planning, vehicle provision, charging infrastructure, and after-sales services. Manages over 200 EV charging stations across Indonesia. Focuses on urban transportation, logistics, and mining & plantation operations. Active with electric bus operations including 60 electric buses in Medan (26% carbon reduction, 71% fuel cost reduction).
• INVI (EV Charging Solutions) EV charging solutions provider operating SPKLU (Stasiun Pengisian Kendaraan Listrik Umum) public EV charging stations at urban locations. Develops and deploys EV technologies including electric motorcycles and commercial fleet charging to reduce carbon emissions and improve energy efficiency.
• Indika Nature (Nature-Based Solutions) Nature-based solutions company partnering with local communities for ecosystem restoration, biodiversity enhancement, and carbon value development. Manages over 135,000 hectares of land through Energy Plantation (FSC-certified wood pellets), Environmental Services, and Agroforestry (essential oils) pillars. Includes IMPACT (Indika Energy Mangrove Program in Action) with 250 hectares of mangrove rehabilitation in Paser Regency, East Kalimantan.
• Xapiens Teknologi Indonesia (IT and Cybersecurity Services) Information, communications and technology provider offering IT user support, IT enterprise services, IT business consulting, and cybersecurity services for digital and data protection. Serves the Indika Energy Group and external clients across Indonesia.
• Indika Indonesia Resources (Coal and Mineral Trading) Trading company focused on coal, biomass, and mineral products with a focus on consistent quality and sustainable supply. Handles Kideco coal trading and other mineral product distribution globally.

Quantifiable outcome

• 30.7 million tons of coal produced by Kideco in 2024
• +9 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• PT Macmahon Mining ServicescoreImplementation/ SI/ Consulting Partner · 1 January 2025Masmindo (Indika Energy's gold mining subsidiary) appointed PT Macmahon Mining Services as the mining services contractor for the Awak Mas gold project, supporting the development toward first gold production trial in December 2026.
• Hyundai Motor CompanycoreChannel Partner/ Reseller/ Distributor · 1 January 2023In December 2023, Indika Energy reached an agreement with Hyundai Motor Company to become the authorized distributor of electric buses produced by the South Korean company in Indonesia, supporting Indonesia's EV ecosystem development.
• Nusantara Resources Ltd (NUS)coreStrategic or Co-development Partner · 1 January 2023Indika Energy entered into a binding Scheme Implementation Deed with Nusantara Resources Limited to acquire all issued shares of NUS, consolidating full ownership of the Awak Mas gold project in Sulawesi. PT Masmindo DWI Area is the project company, and Indika Energy's total ownership is approximately 27.8% directly and indirectly.
• Foxconn (Hon Hai Precision Industry)coreStrategic or Co-development Partner · 1 January 2022In 2022, Indika Energy and Foxconn established a joint venture (FIM) for manufacturing commercial electric vehicles and electric batteries, as well as providing management consultation services in Indonesia. This partnership leverages Foxconn's manufacturing expertise and Indika Energy's market presence.
• Fourth Partner Energy (4PEL)coreStrategic or Co-development Partner · 1 January 2021In 2021, Indika Energy launched a joint venture with Fourth Partner Energy, a leading Indian solar developer, creating PT Empat Mitra Indika Tenaga Surya (EMITS). EMITS provides one-stop-shop renewable energy solutions for Indonesia's commercial and industrial sectors. Fourth Partner Energy is majority owned by The Rise Fund, a private markets impact fund with over US$5 billion in assets under management.
• ExxonMobil Lubricants IndonesiacoreStrategic or Co-development Partner · 12 April 2018Kariangau Gapura Terminal Energi (KGTE), a wholly owned indirect subsidiary of Indika Energy, signed a 20-year storage facility service agreement with PT ExxonMobil Lubricants Indonesia on April 12, 2018. KGTE builds, owns, and operates a terminal with 96 million liters of storage capacity for exclusive use by ExxonMobil in East Kalimantan. Estimated project cost: US$115 million. Commercially operated since November 2020.
• BP (Tangguh LNG Expansion)coreStrategic or Co-development PartnerA consortium including Tripatra Engineers and Constructors, Tripatra Engineering, Chiyoda International Indonesia, Saipem Indonesia, Suluh Ardhi Engineering, and Chiyoda Corporation worked on BP Tangguh onshore FEED for the Tangguh Expansion Project (Train 3) in West Papua.
• ENI Muara Bakau (Jangkrik and Jangkrik NE Gas Field)coreStrategic or Co-development PartnerA consortium of Saipem Indonesia, Tripatra Engineers and Constructors, and Hyundai Heavy Industries executed the $1.1 billion EPCI of a new Barge Floating Production Unit for ENI's Jangkrik and Jangkrik NE Gas Field Development in Indonesia. Delivery at site ready for SURF hook-up was 34 months from project award.
• Royal Vopak and AKR Corporation (PT Jakarta Tank Terminal)minorStrategic or Co-development PartnerA joint venture between PT AKR Corporation and Royal Vopak (PT Jakarta Tank Terminal, JTT) appointed Tripatra to develop fuel storage terminal for its secondary phase. Tripatra provided EPC services for 8 fuel storage tanks (100,000 cbm capacity) for gasoline, ethanol, and FAME, upgrading Terminal Automation System and truck loading facilities.
• PT Perusahaan Listrik Negara (PLN) — Nias Power PlantcoreStrategic or Co-development PartnerPLN appointed Tripatra to develop a mobile power plant on Nias Island, North Sumatra, with installed actual capacity of 35 MW as part of the government's 35,000 MW acceleration program. Tripatra provided EPC and 5-year Operation and Maintenance services for the dual-fuel Gas Engine Base Power Plant.
• Ministry of Transport of Indonesia — Patimban Port ConsortiumcoreStrategic or Co-development PartnerThe Ministry of Transport appointed the Patimban Consortium (comprising Indika Logistic and Support Service with 29% interest, CT Corp Infrastruktur Indonesia, U Connectivity Services, and Terminal Petikemas Surabaya) to operate Patimban Port's vehicle terminal and passenger terminal in Subang, West Java.
• KALISTA Strategic EV Charging CPO PartnercoreChannel Partner/ Reseller/ DistributorKALISTA collaborates strategically with one of Indonesia's largest electric vehicle charging point operators (CPOs) to expand the national charging infrastructure network, supporting the EV ecosystem with 200+ charging stations across Indonesia.

Scale indicators33 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Adaro Energy: Indonesian-listed integrated coal and energy group operating thermal coal mining, power generation (Adaro Power), and logistics. Closest direct peer to Indika given similar Indonesian coal-mining anchor plus energy diversification ambitions and capital-market scale.
• Bukit Asam: Indonesian state-linked coal miner with captive power generation and logistics. Comparable to Indika's Kideco/CEP/Interport combination in integrating coal mining, power, and transport infrastructure within Indonesia.
• Golden Energy and Resources: Indonesian coal and energy group controlled by the Sinar Mas group with mining, trading, and power interests. Directly comparable to Indika on coal-mining scale, Indonesian listing, and downstream power exposure.
• ABM Investama: Indonesian-listed integrated coal and energy company with mining services and power generation subsidiaries. Comparable to Indika's combined coal-mining, EPC-adjacent (Petrosea heritage), and power-generation profile.
• Medco Energi Internasional: Indonesian-listed diversified energy group spanning upstream oil & gas, power, mining, and renewables. Comparable to Indika in cross-energy diversification, Indonesian operating footprint, and listed-equity investor base.
• TBS Energi Utama: Indonesian-listed energy holding with coal mining and power-generation assets. Comparable mid-cap diversified coal-power peer to Indika, both pursuing non-coal revenue diversification in Indonesia.

Broad incumbents

• United Tractors: Indonesian heavy-equipment distributor and mining contractor (PAMA) with coal-mining interests through its parent Astra. Comparable to Indika on mining services, coal exposure, and Indonesian conglomerate scale.
• Astra International: Indonesia's largest diversified conglomerate with heavy-equipment, mining, energy, and infrastructure interests. Comparable to Indika on diversified holding-company structure and Indonesian operating breadth, though far larger and more diversified.

Regional players

• Banpu Public Company: Thai-listed integrated energy company with coal mining, power generation, and renewables. Comparable to Indika on coal-to-power-to-renewables diversification arc, though operating in different Southeast Asian geographies.

Emerging players

• Energi Mega Persada: Indonesian upstream oil & gas operator with smaller market capitalization. Comparable to Indika's Tripatra-adjacent oil & gas services exposure, though EMP is upstream-focused while Indika is EPC-led.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInid.linkedin.com/in/indika-energy-hiring-56809a309
• Xx.com/indikaenergy
• Facebookfacebook.com/indikaresources

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries16 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indika Energy