Cover Story / August 2018


1. Jardine Matheson/Astra International Foreign/United Kingdom Automotive, plantations and mining Henry Keswick $14.7 BILLION Astra International is moving into the digital economy with the group's recent $150 million investment in Go-Jek. This is part of a $1.2 billion investment in the Indonesian ride-hailing firm, along with Google's holding company, Alphabet, and Kohlberg Kravis Roberts (KKR). While its automotive arm is still leading, Astra is now focused on infrastructure projects, with the construction of more than 353 kilometers of roads. Some 269 kilometers of that, which form part of the Trans-Java Toll Road Project, are already in use. The Astra International Group, an investment holding company controlled by the family of Hong Kong businessman Henry Keswick, currently has six toll road projects: PT Marga Mandalasakti, PT Marga Harjaya Infrastruktur, PT Marga Trans Nusantara, PT Trans Marga Jateng, PT Trans Bumi Serbaraja and PT Lintas Marga Sedaya, most of them on Java Island. 2. Salim Group/First Pacific/Gallant Venture/Brantwood Private Food, telecommunications, automotive, property, infrastructure and mining Anthony Salim $12.1 BILLION The Salim Group's stronghold in the consumer goods industry has prompted it to enter the digital economy by providing e-payment systems to serve its network of 15,000 Indomaret minimarkets. The group, which owns the world's largest instant-noodle maker, is starting cooperation with Exxon Mobil to distribute fuel for industry needs. The group was expected to expand into the poultry business early this year, with an investment of about $200 million through its investment arm KMP Private Limited, in cooperation with Malaysia's Cab Cakaran. In general, the group posted solid growth compared with the previous year with substantial contributions from its consumer goods and plantation businesses. 3. Djarum Group Private Banking, cigarettes, plantations and electronics Robert B. Hartono & Michael Hartono $9.0 BILLION The group's banking and finance businesses remain significant drivers of expansion. Subsidiary Bank Central Asia (BCA) announced plans earlier this year to acquire Bank Ganesha to serve the group's diversified market segment. The Djarum Group's electronic and technology subsidiary, Hartono Electronics, grows at around 10 percent per year, leading in audio and video products. While its plantation business has access to more than 150,000 hectares, it also has interests in the technology sector through PT Sarana Menara Nusantara, which owns and operates telecommunication towers for wireless operators, controlling around 40 percent of the market. The group further owns online marketplace Djarum also made a major investment in Go-Jek this year, along with Astra International. Despite massive anti-tobacco campaigns, the group still derives a significant portion of its income from its cigarette business, with subsidiary PT Djarum Kudus, Indonesia's third-largest cigarette producer, having posted stable growth over the past five years. 4. Sinar Mas Group Private Pulp and paper, agribusiness, energy, property and financial services Eka Tjipta Widjaja $8.7 BILLION The Sinar Mas Group still earns a significant portion of its revenue from resource-based subsidiaries SMART, SMART Agro, Asia Pulp & Paper and associated companies. The group is also expanding into property with a $500 million investment in its smart-city concept in Bumi Serpong Damai in Tangerang, Banten. The group's Sinar Mas Land acquired the 33 Horseferry Road property in London, valued at about $270 million. This move marks further expansion in the European market, while the group also keeps an eye on China for residential developments. Its financial arm Sinar Mas Multi Artha has enjoyed significant growth in the banking and finance sectors over the past three years. The group's energy division is benefiting from rising coal prices. 5. Gudang Garam Group Private Cigarettes, palm oil Susilo Wonowidjojo $7.5 BILLION The Gudang Garam Group, Indonesia's second-largest tobacco manufacturer, is currently moving into other businesses aside from cigarettes. Its property and plantation businesses are growing significantly. The Wonowidjojo family plans to complete the construction of a privately owned airport with a 3,000-meter runway in Kediri, East Java, before the end of next year. The group also has significant interests in energy, pulp and paper and property. The family controls its palm oil plantation business through Matahari Kahuripan (Makin Group), which has more than 130,000 hectares in Sumatra and Kalimantan. The group produces specialty papers and packaging for its cigarettes, while PT Surya Madistrindo is the sole distributor of the company's products. The group owns Gudang Garam Tower in Jakarta and other residential and hotel projects in East Java and Bali. 6. Philip Morris International/Altria Group Foreign/United States Cigarettes $7.1 BILLION HM Sampoerna, Indonesia's largest cigarette maker, contributes the bulk of Philip Morris International's business. With sales rising to Rp 96 trillion in 2017 from Rp 95 trillion the previous year, the group remains a market leader in Indonesia. There are around 90 million smokers across the social spectrum in Indonesia, with hardly any pressure on them to curb the habit. That is music to the ears of Philip Morris, whose cigarette brands control around 40 percent of the global market. Aggressive campaigns by the anti-tobacco movement have so far failed to have any meaningful impact and the government is reluctant to make life difficult for an industry employing millions of people in tobacco cultivation, cigarette manufacturing and distribution. But this may change. On May 16, the National Institute of Health Research and Development said Indonesia loses at least Rp 500 trillion per year as a direct result of smoking, far more than what the country gains in tobacco excise. 7. Lippo Group Private Property, retail, health care, education, media and e-commerce Mochtar Riady $7.0 BILLION The Lippo Group has aggressively moved into the digital economy, with among other initiatives, its OVO digital wallet and payment gateway, which grew drastically, attracting around 18 million subscribers. As one of Indonesia's most innovative business groups, Lippo has a strong presence in almost every consumer sector, including property, telecommunications, health care, retail, entertainment, education, media and technology. The group employs more than 130,000 people and serves in excess of 100 million Indonesians annually. Its $6 billion Meikarta township development in Cikarang, West Java is on schedule for completion in the first quarter of next year. Two other major initiatives by the group this year are in health care and technology. With more than 31 hospitals across Indonesia, its Siloam Hospitals Group continues to expand and solidify its leadership position in the market, while in technology, Lippo is expanding into e-commerce and financial technology. The group sets aside around $100 million per year for philanthropic activities, which include scholarships for needy students from remote parts of Indonesia. 8. Royal Golden Eagle Private Pulp & paper, palm oil plantations Sukanto Tanoto $5.7 BILLION Royal Golden Eagle (RGE) is expanding its business outside Asia with Brazil set to become the hub for its pulp and paper business in Latin America. This year, the group partnered with Brazil's Lwart Group to acquire a 100 percent stake in its subsidiary Lwarcel Cellulose, which has a pulp mill with a production capacity of 250 metric tons. The group's subsidiary, Apical, recently acquired a biodiesel refinery with a production capacity of 1,000 tons from Kutai Refinery Nusantara. Its energy interests are managed by Pacific Oil & Gas, which operates the 780-megawatt CGT Xiamen power plant in China, in addition to a gas well in Jambi Merang, Sumatra. Founder Sukanto Tanoto is handing operation of the group's businesses to his children, Anderson, Imelda, Belinda and Andre. 9. Alfamart Group/Sumber Alfaria Trijaya Private Modern retail Djoko Susanto $4.3 BILLION Having been successful in its medium-size convenience store business, the group is now moving to become a food maker that produces biscuits and bread. It cooperates with Malaysia's Muncys Group and Japan's Yamazaki Group. The group's retail business continues to outstrip competitors, including the Salim Group's Indomaret. The Alfamart Group controls 13,477 stores across the country and besides Alfamart, also operates the Alfamidi chain through PT Midi Utama Indonesia, which has more than 1,000 outlets. The group is currently expanding elsewhere in the Association of Southeast Asian Nations (Asean) through its subsidiary Alfamart Retail Asia, which manages 600 Alfamart outlets in the Philippines. The Alfamart Group, which also has indirect operations in the pharmacy trade through PT Sumber Medika Lestari, plans to open 800 new outlets throughout the country. 10. CT Corpora Private Finance, media, retail and property Chairul Tanjung $3.6 BILLION PT Chairul Tanjung Corpora and CNBC inked a strategic partnership agreement earlier this year that saw the creation of CNBC Indonesia, a business and financial television and digital news service. CNBC Indonesia was added to CT Corpora's media business, joining free-to-air television stations Trans TV and Trans 7, and cable television and online networks. CT Corpora is a diversified conglomerate active in finance, property, media, lifestyle, entertainment and natural resources. The business group, controlled by media mogul Chairul Tanjung, is also actively pursuing interests in the property sector this year. Through its subsidiary Trans Property, the group is developing mixed-use property projects, including high-rise residential developments, office buildings, shopping malls and theme parks in Greater Jakarta and Surabaya, East Java. 11. Charoen Pokphand Private Animal feed Sumeth and Benjamin Jiaravanon $3.5 BILLION Indonesia's largest animal-feed producer is currently eyeing markets in Japan and East Timor, after establishing itself as a successful exporter to Papua-New Guinea. The listed company has invested Rp 2.6 trillion this year to expand its core business in animal feed, day-old chicks and processed poultry. It is currently building a factory in Central Java and another on Sumatra Island. PT Charoen Pokphand Indonesia Tbk has established a partnership with state-owned port operator Pelindo III to develop a dry port in Surabaya, East Java. The company further has 100,000 hectares of palm oil plantations in West Kalimantan, while it is also engaged in trading and the beverage business. 12. Temasek Group Foreign/Singapore Banking and telecommunications Government of Singapore $3.3 BILLION For Indonesia, Temasek's investment model has been unique. With interests in a wide range of businesses, the group has changed Indonesia's business landscape over the past 10 years. It controls a 67 percent stake in Bank Danamon, which in turn controls publicly listed financing firm Adira, and through its subsidiary SingTel, has a significant holding in Indonesia's leading mobile phone operator, Telkomsel. Through its subsidiary Sembawang Corporation, the group has 51 percent control of Kendal Industrial Estate in Semarang, Central Java, in partnership with Indonesia's Jababeka Group. The 2,000-hectare industrial estate will be equipped with modern facilities for working, living, education and trading. 13. Bakrie & Brothers Private Mining, telecommunications, property, manufacturing and toll roads Aburizal Bakrie $3.1 BILLION

Kawasan Epicsentrum Kuningan milik BAkrie. GA Photo/Mohammad Defrizal
Debt remains a key issue for PT Bakrie & Brothers, the holding company of a business group controlled by the Bakrie family. However, it is looking at opportunities in other sectors, such as bus operations and industrial estate development. The group is seeking help from a Chinese partner to fund the development of a 500-hectare industrial park, the location of which has yet to be disclosed. With operations including steel-pipe manufacturing, media, telecommunications, property and natural resources, the Bakrie Group has emerged as a huge business entity. However, the company's coal-mining subsidiary, Bumi Resources, continues to struggle with massive debt, while its telecommunications arm, Bakrie Telecom, is awaiting a Rp 11.8 trillion ($814 million) debt restructuring process with creditors. 14. Adaro Energy Private Mining and power generation Edwin Soeryadjaya, Garibaldi Thohir and T.P. Rachmat $3.1 BILLION Adaro Energy, Indonesia's largest listed coal producer by market value, is embarking on an ambitious expansion this year to acquire a controlling stake in the Kestrel Coal Mine in Central Queensland, Australia, currently owned by mining giant Rio Tinto. Adaro and a Melbourne-based private equity firm plan to jointly manage and operate the underground mine that produces coking coal. Adaro chief executive Garibaldi "Boy" Thohir said the company hopes to wrap up the $2.25 billion deal to buy an 80 percent stake in Kestrel in the third quarter of this year. With coal prices currently rebounding, the coal mining business looks attractive once more for investors. This year marked the 10th anniversary of Adaro's listing on the Indonesia Stock Exchange (IDX). Beyond mining, the company is also involved in logistics, water purification, land development and power generation. 15. Unilever/Mavibel BV Foreign/Dutch Consumer goods $2.9 BILLION PT Unilever Indonesia Tbk, the local arm of Anglo-Dutch conglomerate Unilever, is engaged in the manufacturing, marketing and distribution of fast-moving consumer goods. It recently sold its margarine and spreads business to US-based private equity firm KKR & Co for $210 million to focus on its core products in the home- and personal-care categories, such as shampoos, soaps, toothpastes, deodorants and food items such as ice creams, teabags, soy sauce, fruit juice and seasonings. Analysts say Unilever Indonesia's performance remains strong on the back of steady consumer demand in Southeast Asia's largest economy for its products despite a weakening currency, which may erode its margins. 16. Triputra Group Private Mining, plantations, finance and transportation T.P. Rachmat $2.8 BILLION The Triputra Group, founded by former Astra International top executive Theodore "Teddy" Permadi Rachmat, is currently expanding its business portfolio in the commodity sector, including agricultural products such as cassava and palm oil. Triputra is a significant player in palm oil and rubber plantations. Besides commodities, the group also has investments in mining, logistics and clothing manufacturing. It controls a significant stake in Adaro Energy, Indonesia's second-largest coal producer by volume. The group also owns Apparel One Indonesia, a manufacturer of clothing brands such as Esprit, Ralph Lauren, Mexx and Adidas. It recently completed a second factory in Semarang, Central Java. 17. Wings Group Private Consumer goods, property and plantations Eddy William Katuari $2.8 BILLION The Wings Group is one of the three giants in the consumer product business in Indonesia. The group, founded in East Java 60 years ago, had its initial success in the production and sale of detergents and baby-care products. It is since become a major player in fast-moving consumer goods. The company launched an ice cream business last year, in collaboration with Japan's Ezako Gloco in a bid to meet strong demand in Indonesia. This initiative adds to the already long list of products produced by Wings. The group has diversified interests in plantations, packaging, oleo-chemicals and property. Wings exports to more than 80 countries, including in Africa and the Middle East. It competes with other major players such as Indofood, Unilever and Mayora. 18. Barito Pacific Group Private Petrochemicals, forestry and plantations Prajogo Pangestu $2.4 BILLION Founded by Prajogo Pangestu in 1979, the diversified group controls Indonesia's largest petrochemical complex, Chandra Asri, making it the biggest and most integrated petrochemical producer in Indonesia. Barito Pacific is currently also expanding into geothermal energy after the $755 million acquisition in July of a 66 percent stake in local geothermal power producer Star Energy Group Holdings Pte Ltd, which owns power plants with a total capacity of 875 megawatts. The acquisition is seen as a crucial move by the group to establish itself as a market leader in the renewable energy sector, as well as increasing its capacity through optimization. With planned investment of $6 billion in several projects between 2016 and 2021, the group aims to generate more revenue, stabilize corporate income and become a power producer. 19. Qatar Investment Authority/Indosat Ooredoo Foreign/Qatar Telecommunications and finance $2.1 BILLION
Konter Indosat Ooredoo. GA Photo/Mohammad Defrizal
Indosat Ooredoo, 65 percent controlled by the Qatar Investment Fund, has had a tough year so far due to stiff competition in Indonesia, which saw the telecommunications service and network provider posting a 22 percent year-on-year decline in revenue in the first quarter. The company swung to a Rp 505.7 billion loss in the January-March period after a Rp 173.9 billion profit in the corresponding period last year. Analysts say Indosat's internet connectivity offering did not measure up to those offered by competitors and that it was therefore unable to improve average revenue per user. The company also has limited funding available for network expansion. Indosat's top management has made various efforts to improve its financial performance, including sealing a cooperation deal with pay-television operator Nexmedia. 20. Japfa Comfeed Private Animal feed, property Handojo Santoso $2.1 BILLION The group, jointly controlled by Handojo Santoso and Cargill subsidiary Black River Asset Management, is focused on the production and sale of animal feed, while it also operates Japfa Ltd., a Singapore-listed investment holding company. Dairy-producing subsidiary AustAsia operates in China and Indonesia, marketing products under the Greenfields brand. The group has experienced continuous growth, with its shares having gained 27.03 percent by the middle of this year and 20.96 percent over the past full year. PT Japfa Comfeed, winner of the Top CSR 2017 Award, recently also participated in a search and rescue mission following the tragic sinking of a ferryboat in Lake Toba, North Sumatra. 21. Tiphone Mobile Indonesia Private Manufacturing and distribution Hengky Setiawan $2.1 BILLION Tiphone Mobile Indonesia Tbk is the largest mobile phone voucher distributor in the archipelago. It has partnered with Indonesian "unicorn" startup Go-Jek and cellular operator Telkomsel to expand its customer base. The company's main focus is currently on the sales of cellular phones and spare parts, accessories and recharge vouchers, in addition to repair services and content provision. Most of its consolidated revenue is derived from the sale of recharge vouchers and mobile phones. However, the group is still eyeing potential growth as an integrated provider of tools and services in the telecommunication industry. PT Tiphone Mobile Indonesia Tbk was founded by Hengky Setiawan, a collector of sports cars and vintage Vespa scooters. The company booked the largest foreign share sale of $3.3 billion in July. 22. Northstar Group Private Private equity an investment Patrick Walujo and Glenn Sugita $2.1 BILLION The Singapore-based private equity firm, founded by Indonesian businessmen Patrick Walujo and Glen Sugita, has holdings in some public companies in Southeast Asia's biggest economy through Bank BTPN, multi-finance company BFI Finance, bread maker Dunia Makmur Jaya, coal miner Delta Dunia Makmur, tire maker Multistrada and telecommunications product retailer Trikomsel. The group manages about $2 billion in assets in several member states of the Association of Southeast Asian Nations (Asean) and has invested in multiple portfolios in the region. The company is associated with some large business conglomerates such as the Triputra Group of tycoon T.P. Rachmat – a veteran businessman with a solid track record in Indonesia's largest group, Astra International. 23. Gajah Tunggal Group Private Tires, retail and manufacturing Sjamsul Nursalim $2.0 BILLION PT Gajah Tunggal Tbk is a major manufacturer of tires and automotive parts. The group also has a stake in the retail industry through PT Mitra Adi Perkasa (MAP), which operates department and specialty stores in Indonesia. The tire business still shines as the company is seeking to increase its production of bus and truck tires. It has allocated $40 million for capital expenditure this year, with part of it earmarked for expansion of its production capacity. Gajah Tunggal recently also sealed a deal with Inoue Rubber Co. of Japan for the production of motorcycle tires. However, the group's retail business has not been performing as well this year amid tough competition and weak consumer purchasing power. 24. Panasonic Gobel Group Private Electronics and property Rahmat Gobel $1.8 BILLION As a market leader in household electronic goods in Indonesia, PT Panasonic Gobel has, in collaboration with Panasonic Japan, continued to venture into the production of medical equipment, such as glucose monitors, imaging monitors, dental intra-oral cameras, incubators and ultra-low temperature freezers. It pioneered sustainable energy solutions using photovoltaic panels linked to toxic waste-free dry batteries. The group also has interests in the property sector through Panahome Gobel Indonesia, which builds environmentally friendly homes. The group also released 25 new television products ahead of the 2018 Asian Games. The move is a reflection of PT Panasonic Gobel Indonesia's history as a supplier of black-and-white television sets in Indonesia prior to the fourth Asian Games, hosted by Jakarta in 1962. The group also continues to present the annual Panasonic Gobel Awards to recognize achievements in Indonesia's television industry. 25. ABC Group Private Industry and consumer goods Husain Djojonegoro $1.7 BILLION As a major player in the fast-moving consumer goods sector, the ABC Group started with the production and sale of batteries, energy drinks and other day-to-day needs. Now it controls sprawling interests in chemicals, pharmaceuticals, printing, property, hotels and investment. It has production facilities in Jakarta and in Medan, North Sumatra, and Surabaya, East Java. The group, founded by Chandra Djojonegoro and controlled by his son Husain Djojonegoro, currently produces popular brands of drinks, such as Kratingdaeng, Tango and Kiranti. The group has cross-ownership with the Orang Tua Group, owned by Husain's brother Hamid Djojonegoro, which produces and distributes consumer products. The company's latest product is Nu Oceana, a rehydration beverage containing natural sea salt and lemon. 26. Erajaya Private Telecommunication sales and distribution Budiarto Halim $1.7 BILLION PT Erajaya Swasembada Tbk has become a leader in the sales and distribution of mobile telecommunication equipment in Indonesia over the past decade. The group manages more than 730 stores across the archipelago, some of them leading retail outlets such as iBox, erafone and tam, through 10 subsidiaries. The company was founded by president director Budiarto Halim and his brother-in-law Ady Hardy Widjaya. Budi started the business while working for Electrindo Nusantara. Erajaya supplies brands such as Sony Ericsson, HTC Dell, Huawei, Nokia, Motorola, LG, BlackBerry, Acer and Samsung, while it works closely with leading Indonesian mobile telecommunication providers Telkomsel, Indosat and XL Axiata. 27. Indo Tambangraya Megah/Banpu Minerals Foreign/Thailand Coal mining, energy $1.65 BILLION The group is currently reaping the benefit of a sudden rise in coal prices, while also expanding its power-plant business. Rising coal consumption in China due to a severe winter and sluggish domestic production has prompted that country's government to allow more coal imports since the end of 2017. A coal shortage in India has also led to a higher reliance on imports. Last year, Indo Tambangraya Megah Tbk sold 23.1 million metric tons of coal, mainly to Japan, China, Thailand, India, South Korea, the Philippines and other Asian countries. The company has a production target of 22.5 million tons this year and it is implementing new strategies to strengthen its position as energy company, such as exploring opportunities in renewable energy. 28. Bank Panin Group Private Financial services and property Mu'min Ali Gunawan $1.6 BILLION Bank Panin is one of Indonesia's oldest privately controlled financial groups. Founder Mu'min Ali Gunawan and his family continue to be majority shareholders of the country's seventh-largest lender. The Indonesian Working Group on Forest Finance (IWGFF), an international nongovernmental organization, has listed Bank Panin in its 2018 green investment index. The group, which currently has 561 branches, continues to expand its services through digital, mobile and internet banking. It has booked $50.9 million in net profit in the first quarter of 2018 on the back of higher net interest income. However, its gross nonperforming loan ratio increased to 2.99 percent in the first quarter from 2.91 percent in the same period last year. Bank Panin has also ventured into shariah banking through the Dubai Islamic Bank. 29. XL Axiata Group Private Telecommunications $1.6 BILLION Malaysian telecommunications company Axiata has continued its expansion in Indonesia to tap increasing demand for mobile data services. Through its 66.4 percent stake in XL Indonesia, Axiata has a diversified portfolio in mobile networks, communications infrastructure and digital services with more than 350 million subscribers in 11 countries. In June, Moody's upgraded the issuer rating of Axiata Group Bhd's Indonesian subsidiary, XL Axiata Tbk, and revised the outlook to positive. As the third-largest cellular provider in Indonesia in terms of revenue, XL Axiata has 54.5 million subscribers and controls a nationwide cellular network covering all major cities on the islands of Java, Bali and Sumatra, as well as population centers in Sulawesi and Kalimantan. It experienced strong growth in mobile data services despite a decline in demand for voice, text messaging and interconnection services. With growing demand for 3G/4G LTE services, XL focuses on increasing data monetization. 30. Argo Manunggal Private Property The Ning King $1.6 BILLION One of the most recognized corporate groups in Indonesia, with business interests in textiles and garments, property, financial services and construction materials. The group's poultry business produces more than 34 million day-old chicks per year, providing other major operators in the country with stiff competition. The group also operates multi-finance company Daya Sembada Finance, while in the property sector, it has a controlling stake in Alam Sutera Realty and the Bekasi Fajar Industrial Estate. Alam Sutera is a popular residential and lifestyle community on the southwestern edge of Jakarta. With a total area of 1,100 hectares, it is regarded as one of the most successful housing developments in Indonesia. 31. Standard Chartered Group Foreign/UK Banking $1.5 BILLION Standard Chartered Bank Indonesia, the local arm of the British multinational banking and financial services group, has performed well so far this year. Net income skyrocketed by 214 percent to Rp 341 billion in the first quarter, thanks to a major transformation to refocus its banking business. Net interest income jumped 9 percent in the first three months, thanks to significant contributions from transaction banking and its wealth management business. Business restructuring and a focus on efficiency resulted in a 6 percent reduction in operational costs in the same quarter. Gross nonperforming loans decreased and asset quality improved. The bank will further transform its business by using technology to improve banking functions, including trade and investment finance. The bank won an award for its successful implementation of innovations in financial technology. Standard Chartered Bank Indonesia has a 45 percent stake in PT Bank Permata Tbk, a joint venture with Astra International. 32. Kalbe Farma Group Private Pharmaceuticals, health care Boenjamin Setiawan $1.4 BILLION One of Southeast Asia's largest pharmaceutical companies has largely been unaffected by the weakening rupiah. The group recently extended its logistics and storage capacity with the construction of a new facility in Cikarang, West Java, by subsidiary PT Enseval Putera Megatrading Tbk. The company has also made good progress with its medical equipment distribution through another subsidiary, PT Enseval Medika Prima, the sole distributor of Werfen laboratory equipment in Indonesia. Spain-based Werfen is a global leader in in-vitro diagnostics in the specialties of hemostasis, acute care diagnostics and autoimmunity. 33. Bentoel Investama/British American Tobacco Foreign/UK Cigarettes $1.4 BILLION Bentoel is one of the largest producers of tobacco products in Indonesia. The company has been busy expanding its business in several areas, including the opening of a dried ice expanded tobacco factory in Malang, Central Java, which will increase exports to neighboring countries. The group is also actively exploring new markets in other countries to distribute its tobacco products and expand its international distribution chain. This is done to counteract a continuing downturn due to increasing health concerns associated with tobacco consumption. 34. Mayora Indah Private Consumer foods Jogi Hendra Atmadja $1.4 BILLION The group owes much of its significant growth to its extensive selection of consumer foods and beverage products. Mayora is a market leader that shows no intention of slowing down its momentum. The company's coffee products are major money spinners and have helped the group bolster its sales this year. Mayora is planning to purchase more land in Balaraja, Banten, to expand its production facilities. The land, which the group hopes to acquire from PT Tedjopratama Mandirigemilang and PT Lubuk Pertama, will be used to add three biscuit production lines and 15 wafer production lines. 35. Lion Air Group Private Aviation Rusdi Kirana $1.3 BILLION Lion Air has been steadily building up its fleet and developing its airline services. The group operates Lion Air, Wings Air, Batik Air and Lion BizJet in Indonesia, while it is currently in the process of establishing more international flights, including to Japan. The group has also successfully established the country's first aircraft maintenance depot. After years of operation, the airline finally passed an Operational Safety Audit (IOSA) by the International Air Transport Association (IATA) 36. AKR Corporindo Private Logistics, infrastructure, power Haryanto Adikoesoemo $1.3 BILLION The group is one of the country's leading integrated supply chain providers, specializing in petroleum and basic chemicals. It recently inaugurated the AKR Way Tenong motor vehicle refueling station in West Lampung district, which will serve as a distribution agency under the government's one-fuel price policy. The group has also announced that PT Jakarta Tank Terminal – a joint venture between Royal Vopak and AKR – has signed a deed to increase issued and paid-up capital to build additional storage capacity for petroleum, biodiesel and ethanol. 37. Kompas Gramedia Group Private Media, hotels Jakob Oetama $1.3 BILLION Kompas Gramedia controls a wide range of printed media publications. Despite falling revenues from the print media over the past few years, it has successfully moved into digital media and the printing of packaging materials. The company's online portals, such as Tribun, have gained prominence while its bookstores, publishing, television and hospitality businesses have also paid off. It further owns the Santika Hotel chain, which has a presence across Indonesia. The group is also active in the travel business, real estate and the production of tissue paper. 38. Ciputra Group Private Property Ciputra family $1.3 BILLION The group has been making huge strides in the property industry with developments that will increase growth. The group's newest plans include the development of properties in Surabaya and Gresik in East Java to meet regional demand. The group has also been working on international projects such as Ciputra Hanoi International City in Vietnam, The Grand Phnom Penh in Cambodia, and its latest project in Shenyang in China's Liaoning Province. 39. Maybank Indonesia Maybank Malaysia Financial services $1.2 BILLION PT Bank Maybank Indonesia, previously known as Bank Internasional Indonesia, recently announced plans to use the $44.8 million it raised through the second phase of a bond issuance this year to increase productive assets in its business development framework, especially credit distribution. The bank has performed well since its rebranding and recently issued negotiable certificates of deposit to further bolster its capital. Its steady growth in Singapore and Indonesia also contributed to it gaining recognition as one of the best banks in Asia Pacific. Maybank Indonesia is listed among the top 20 banks that have supported Indonesia' Asean Corporate Governance Scorecard rating. Maybank Indonesia president director Haryono Tjahjarijadi said the company continues to increase efficiency. 40. TNT Group Private Property, finance, energy Thohir family $1.1 BILLION The TNT group is a huge family business owned by the Thohir family. It controls among others, the powerful PT Adaro Energy Tbk, which focuses on coal mining in its principal location in Tabalong district, South Kalimantan. PT Adaro Indonesia operates the largest single-site coal mine in the southern hemisphere. The company has rebounded significantly due to rising coal prices. While Garibaldi "Boy" Thohir looks after the TNT Group's significant interest in the Adaro coal empire, brother Erick Thohir has been focusing on Indonesia's preparations for the 2018 Asian Games, hosted by Jakarta and Palembang, South Sumatra, in August and September. 41. Heidelberg Cement Group/Indocement Foreign/Germany Industry $1.0 BILLION Indonesia's second-largest cement producer still finds itself in troubled waters amid over-capacity in the local industry, while its share price has dropped by more than 40 percent over the past six months. However, amid the national infrastructure push, the company is banking on increased demand for cement this year. A decline in the property sector affected the cement industry and exerted extreme pressure on its share price. The company previously planned to increase its product prices by 2 percent, which is set to test the waters after a 7 percent price slump in market prices in the first quarter. Indocement president director Christian Kartawijaya said it was an attempt to improve the company's sales margin. 42. Bosowa Group Private Industry, infrastructure, finance, energy Aksa Mahmud $1.0 BILLION The business group has grown into a major player in eastern Indonesia. The company has diversified its business into financial services and the cement, automotive, infrastructure, power-plant, property and natural resources-based industries. The cement-producing subsidiary, which forms the core of the group, is capable of producing 7.2 million tons per year. In energy, the group operates a 2x125 megawatt steam-powered power plant in Jeneponto, South Sulawesi. The group also has port operations in Jeneponto and Makassar, South Sulawesi, as well as in Banyuwangi, East Java. The group is currently eyeing the agricultural industry through its subsidiary PT Bosowa Agro to develop superior rice and corn varieties in Maros, South Sulawesi, while two other subsidiaries, PT Bantimurung Indah and PT Bosowa Isuma, are developing seaweed and fish farms. The group is also exploring new ventures in coal and tin mining. 43. Indika Energey Group Private Mining, energy, media Agus Lasmono and Wiwoho $1 BILLION PT Indika Energy Tbk is an integrated energy company, which has businesses in coal mining to power plant and logistics services across land and sea. This year, the group is pouring $100 million into its subsidiary to invest in fuel storage business. Indika’s subsidiary PT Kariangau Gapura Terminal Energi has signed a contract with PT ExxonMobil Lubricants Indonesia to provide fuel storage facility services. Other than this business, Indika is known to have been active in exploring, producing and processing coal. This group is also supported by subsidiaries that offer vital services in the extractive industry like engineering, procurement and construction (EPC) services, site operations and maintenance, project management, to logistics. A gradual recovery in coal price helped the company registered a $335.4 million profit last year, a swing from a $67.6 million loss in 2016. 44. Bayan Resources Private Mining Dato Low Tuck Kwong $1 BILLION Jakarta-listed PT Bayan Resources Tbk is an integrated coal producer engaged in open cut mining from mines located mostly in Kalimantan. The company that is controlled by businessman Dato Low Tuck Kwong runs an integrated supply chain business in the coal mining industry from mining, processing, barging and transshipment of semi-soft coking coal to environmentally friendly sub-bituminous and low suplhur coal. Four of the company’s subsidiaries just signed a contract amendment with the Energy and Mineral Resources Ministry regarding their concession rights as the central government requires old mining contracts to adjust with the government’s new terms and conditions. The coal miner is more upbeat about its financial performance as coal prices have gradually rebounded. 45. Gunung Sewu Group Private Agribusiness, property, energy, insurance Husodo Angkosubroto $980 MILLION This large agribusiness and fruit-processing company is working to boost output and increase efficiency to tap not only the domestic market, but also expand its exports. It is opening a new corporate headquarters this year as part of its property portfolio, managed by Farpoint Realty. The group is also a major shareholder in Sequis Insurance, one of the biggest locally based insurance companies in Indonesia. In manufacturing, the group started out with National Label, a leading woven and satin label manufacturer in Indonesia, and it now also produces shoes, in addition to its Zen brand of porcelain tableware, mainly for export, and candy under the Yupi brand. The group further has interests in energy and information technology services. 46. MNC Group Private Media, financial services, property Hary Tanoesoedibjo $970 MILLION PT MNC Investama Tbk, founded as a securities company by Hary Tanoesoedibjo in 1989, is a leading investment group with interests in media, financial services and property. Subsidiary PT Global Mediacom Tbk, also known as MNC Media, owns the television stations RCTI, MNCTV, GTV and iNews, and pay-TV service MNC Vision. MNC Media also owns printed media, radio stations and several online businesses. Financial services are managed by PT MNC Kapital Indonesia Tbk, which operates MNC Bank, MNC Finance, MNC Leasing, MNC Sekuritas, MNC Asset Management, MNC Insurance and MNC Life. PT MNC Land Tbk manages the group's property business, which includes MNC Lido City in West Java, MNC Bali Resort in Tabanan, Bali, and MNC Smart City in Tangerang, Banten. The group also has interests in transportation and coal mining. One of the group's business highlights this year is the listing on the Indonesia Stock Exchange (IDX) by its new content provider company, PT MNC Studios International Tbk, in June. 47. Persada Capital Group Private Investment Arini Saraswaty Subianto $970 MILLION The Persada Capital Group was founded by Benny Subianto, who passed away in 2017. He left a strong legacy and his successors continue to control a slice of Indonesia's largest businesses, among others, Adaro Energy, the country's second-biggest coal miner, which is expanding strongly into power generation and water treatment. Persada also has strong interests in agribusiness and health care. Its main role is to ensure professional management of the companies in which it has interests. The group is now run by Benny's daughter Arini Saraswaty Subianto, one of Indonesia's richest women. She is president director of PT Tri Nur Cakrawala, PT Pandu Alam Persada and PT Persada Capital Investama. Arini and former schoolmate Winfred Hutabarat also founded Aksara, a bookstore chain with three outlets in Jakarta. 48. Tunas Ridean Private Automotive distributor Anton Setiawan $925 MILLION PT Tunas Ridean Tbk is controlled by the family of Anton Setiawan. The group's subsidiaries include Surya Sudeco, Tunas Rental and consumer finance operation Mandiri Tunas Finance. The group's core business is a network of authorized dealerships for automotive brands Toyota, Daihatsu, BMW and Peugeot, as well as Honda motorcycles. The group plans to continue expanding its reach by opening more outlets in some of Indonesia's larger cities this year. Tunas Ridean is targeting double-digit net profit growth this year, president director Rico Setiawan said after the listed group's latest shareholder meeting. The company will open two new Toyota outlets and one Daihatsu outlet this year. 49. OCBC-NISP Foreign/Singapore, OCBC Banking $915 MILLION Bank OCBC NISP has announced a digital transformation of its business by adopting Office 365 technology to increase productivity and competitiveness in Indonesia. With the need to be more competitive and agile, this strategic move is aimed at transforming the organization to enable future growth. Bank OCBC NISP was established in Bandung, West Java, in 1941 as the Nederlandsch-Indische Spaar en Deposito Bank. It now has 325 offices in 61 cities throughout Indonesia, supported by 736 automated teller machines. It also has access to a network of more than 179,000 ATMs throughout Indonesia and more than 900 OCBC Group ATMs in Singapore and Malaysia. 50. FKS Multi Agro Private Animal feed, trading Era Investama Cemerlang $910 MILLION PT FKS Multi Agro Tbk is a powerful player in soybean imports, having steadily grown its business. The group has been cooperating with state-owned port operator Pelindo on the construction of a $30-million, 100,000-metric-ton warehouse complex in Surabaya to strengthen distribution channels in East Java. The company is also developing corn plantations near Bual-bual village in East Kutai district, East Kalimantan. It has allocated capital expenditure of between $10 million and $15 million this year to fund expansion of subsidiary PT Nusa Prima Logistik.