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View all search resultsFinance Ministry to take over Whoosh consortium from Danantara
In this year’s first half alone, the Indonesian SOE consortium that operates the Whoosh high-speed railway incurred a loss of Rp 5.1 trillion ($282.5 million), widening from Rp 4.9 trillion logged in the entirety of last year.
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Passengers disembark from a Whoosh high-speed train on Oct. 17, 2025, at Padalarang Station in Bandung, West Java. (Antara/Rubby Jovan)
T
he Finance Ministry will take over the Indonesian consortium of PT Kereta Cepat Indonesia China (KCIC) from state asset fund Danantara, including its operations and liabilities. However, he stressed that the high-speed railway's debt would not be financed by the state coffers.
Following a meeting with Danantara chief operational officer Dony Oskaria, Finance Minister Purbaya Yudhi Sadewa said in a media briefing on Wednesday that the acquisition would "probably be finished” in the middle of this month.
KCIC is a joint venture that operates the Whoosh high-speed railway, with an Indonesian consortium holding 60 percent of the ownership stake while the rest is owned by Chinese consortium Beijing Yawan HSR Co. Ltd.
The Indonesian consortium, PT Pilar Sinergi BUMN Indonesia (PSBI), is entirely made up of state-owned enterprises (SOEs) with the largest share belonging to railway operator PT Kereta Api Indonesia (KAI).
All state-owned enterprises’ (SOEs) assets and businesses, including KAI and Whoosh, have been managed by Danantara since its establishment last year.
The project incurred a cost overrun of over US$7.2 billion, made possible by loans from the China Development Bank that carried it over the finish line. Early projections showed that ticket revenue will not even match half of the operation cost, let alone servicing liabilities.
In this year’s first half alone, PSBI incurred a loss of Rp 5.1 trillion ($282.5 million), widening from Rp 4.9 trillion logged in the entirety of last year.
