Companies
Authorities were weighing whether to give the stake to the Indonesia Investment Authority (INA) or Sarana Multi Infrastructure (SMI), a development financing arm under the Finance Ministry.
Prospective passengers wait for the arrival of the Whoosh high-speed train on the platform at Whoosh Padalarang Station in West Bandung Regency, West Java, Sunday, March 15, 2026. (Antara/Abdan Syakura)
Indonesia's finance minister said on Tuesday the country's sovereign wealth fund INA, or an agency under his ministry, would next week take control of the company that operates a US$7.3 billion, China-funded high-speed railway.Indonesia's first bullet train, covering 142 kilometers between Jakarta and the city of Bandung, started operations in 2023, eight years after it was awarded to a joint venture of Indonesian and Chinese state companies.
Commercially named "Whoosh", the Belt and Road Initiative project has been beset by problems, including ballooning costs. In 2025, Indonesia began discussions with China to restructure the project's debt.
