Indonesia, September 2026 — Indonesia is set to take control of the company operating the Jakarta–Bandung high-speed railway, commercially known as Whoosh, with the ownership transfer scheduled for September 15. The government is considering the Indonesia Investment Authority (INA) or Sarana Multi Infrastruktur (SMI), an infrastructure financing arm under the Finance Ministry, to hold the controlling stake.
The transfer will shift the Indonesian side’s 60 percent ownership from the existing consortium led by state railway operator Kereta Api Indonesia (KAI) to an entity under the Finance Ministry. Chinese partners will retain a 40 percent stake in PT Kereta Cepat Indonesia China (KCIC), the joint venture responsible for operating the railway.
Whoosh covers approximately 142 kilometres between Jakarta and Bandung and began commercial operations in 2023. The US$7.3 billion project was developed as part of China’s Belt and Road Initiative but faced significant cost overruns and delays, prompting Indonesia and China to undertake debt restructuring discussions.
The new controlling stakeholder will also assume responsibility for the railway’s outstanding debt. The original US$4.5 billion loan from China Development Bank was structured over 40 years with a 10-year grace period, while subsequent restructuring extended the repayment period to 80 years. Indonesian officials have said the government has sufficient internal resources to meet the debt obligations.
Following the ownership transition, Indonesia plans to pursue a major eastward extension of the high-speed railway toward Surabaya, potentially adding around 700 kilometres to the network. The funding arrangements for the extension have not yet been disclosed, making the restructuring an important step in determining how Indonesia manages both the existing asset and its longer-term high-speed rail ambitions.
Source: Nikkei Asia
Indonesia To Take Control Of China-Funded Whoosh Rail Operator
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Indonesia is preparing to transfer control of the Jakarta–Bandung high-speed railway operator to a government-controlled entity, reshaping the ownership structure of the China-funded Whoosh project. The move will give an Indonesian government entity control of 60 percent of the operator while Chinese partners retain the remaining 40 percent.
