Antam, Inalum up stake in IBC
Monday, February 2 2026 - 09:49 PM WIB
State miner PT Aneka Tambang Tbk (Antam) (IDX: ANTM) and aluminium smelter PT Indonesia Asahan Aluminium (Persero) (Inalum) have taken over 17.5% of PT PLN (Persero)’s shareholding in Indonesia Battery Corporation (IBC), reducing PLN’s ownership in the battery holding company to 7.5%.
IBC President Director Aditya Arif said PLN’s shares were transferred to Antam and Inalum, raising each of their ownership stakes to 33.75%. PT Pertamina (Persero), through its new and renewable energy arm, continues to hold 25%.
“With this change, the MIND ID Group through Antam and Inalum becomes the majority shareholder in IBC, although there is still no single controlling shareholder,” Aditya said at parliament on Monday.
Originally, PLN, Pertamina, Antam and Inalum each held 25% of IBC.
Read also: IBC targets completion of FS for integrated battery ecosystem this year
IBC is spearheading Indonesia’s electric vehicle (EV) battery ecosystem development. Together with Antam, it is developing an EV battery project in Karawang, West Java, in partnership with Ningbo Contemporary Brunp Lygend Co. Ltd (CBL), a joint venture of Contemporary Amperex Technology Co. Ltd (CATL), Brunp and Lygend.
Upstream facilities, including nickel processing and refining using rotary kiln electric furnace (RKEF) and high pressure acid leach (HPAL) technologies, are being developed at the PT Feni Haltim (FHT) industrial area in East Halmahera, North Maluku. FHT is a joint venture between Antam and CATL affiliate Hong Kong CBL Limited.
On the downstream side, cell manufacturing plants will be built in the Artha Industrial Hill and Karawang New Industry City areas. The Karawang cell plant will have an initial capacity of 6.9 gigawatt hours (GWh) in its first phase, expanding to 15 GWh within five years.
The integrated project also includes precursor and cathode material plants as well as a battery recycling facility with capacity of 20,000 tonnes of spent batteries per year, aimed at recovering more than 95% of valuable metals and supporting a circular economy.
IBC and CBL have said they aim to position the Karawang battery cell plant as a regional hub for Southeast Asia, supplying batteries for EVs and battery energy storage systems for domestic and export markets.
Editing by Alexander Ginting