Multistrada to form industrial estate subsidiary
The Jakarta Globe reports that Multistrada Arah Sarana intends to diversify into industrial real estate. The tyre maker is believed to be making this move in response to alleged Indonesian government plans requiring all manufacturers to relocate to industrial estates before December 2012. Company president Pieter Tanuri said the new subsidiary will be called Kawasan Industri Multistrada and will build an industrial estate on 210 hectares of land near Jakarta. While Tanuri has not disclosed the level of investment Multistrada is making in the project, the company president said he expects construction to be complete by December 2014.
“We have secured a license from the Investment Coordinating Board [BKPM] to build the industrial estate,” Tanuri stated on 21 June. “Some companies have already expressed an interest in operating from within our area. There are already investors from Korea, China and India.”