Bosowa Corporation, a conglomerate founded by Aksa Mahmud, plans to spend about Rp 16 trillion ($1.3 billion) in the next three years to build cement and power plants.
“Our investment this year is reaching Rp 2.5 trillion. Starting next year we will invest Rp 3 trillion to Rp 4 trillion per year up to 2017,” Erwin Aksa, chief executive of Bosowa, told reporters on Monday after a meeting with Industry Minister MS Hidayat.
Erwin, who is the son of Aksa Mahmud, did not disclose how the company planned to finance its expansion.
Erwin said Bosowa would build the second phase of the Jeneponto coal-fired power plant with 300 megawatt capacity in South Sulawesi. The plant will require about Rp 3 trillion in investment.
The 250-megawatt Jeneponto I power plant started operations in December last year.