Jakarta - PT Indika Energy Tbk (INDY), through PT Mitra Motor Group (MMG), established a joint venture company with Foxteq Singapore Pte Ltd named PT Foxconn Indika Motor (FIM) on September 22, 2022.

The establishment of FIM has been stated in the deed of establishment dated September 22. It has been approved by the Minister of Law and Human Rights.

FIM will carry out manufacturing activities for commercial electric vehicles and electric batteries.

"The portion of FIM's share ownership is that MMG controls 60% and Foxconn 40%," said Indika Corporate Secretary Adi Pramono in an information disclosure on Monday (26/9).

He added that the inclusion of MMG shares in FIM is a step for the company as a group to expand its business into the electric vehicle sector, especially four-wheeled electric vehicles in Indonesia.