Indonesia Finance Ministry Takes Over 60% Stake in Whoosh High‑Speed Rail

Finance Minister Purbaya Yudhi Sadewa announced that Indonesia's Ministry of Finance will acquire a 60 percent stake in PT Kereta Cepat Indonesia‑China (KCIC), the operator of the Jakarta‑Bandung high‑speed railway known as Whoosh. The transfer, from the state‑owned consortium PT Pilar Sinergi BUMN Indonesia (PSBI), is slated to be completed by mid‑September 2026 and will be managed through Special Mission Vehicles (SMVs) such as PT Sarana Multigriya Finansial and PT Sarana Multi Infrastruktur. The remaining 40 percent of KCIC will stay with the Chinese partner Beijing Yawan HSR Co. Ltd.

The ministry says the restructuring will place KCIC’s debt and operating costs under the SMVs, so the liability will not be recorded as a direct burden on the state budget (APBN). Purbaya emphasized, “it will not burden APBN.” The move is also linked to plans to extend the high‑speed line beyond Bandung toward Surabaya in East Java. Indonesian BUMN members (KAI, WIKA, Jasa Marga, PTPN) will retain their consortium but will transfer their shares to the ministry.