INKA and KAI Merger Plan Targeted for Completion Before January 2027

The Head of the State-Owned Enterprise Regulatory Agency and Chief Operating Officer (COO) of Danantara, Dony Oskaria, stated that the planned merger between PT Kereta Api Indonesia (KAI) and PT Industri Kereta Api (INKA) is targeted for completion before January 2027.

According to Dony, the consolidation process is currently underway and is part of the restructuring of State-Owned Enterprises (BUMN) based on business sectors being implemented by Danantara. “It should be before January, actually. But I am checking the progress, as we are in the process of sector-based consolidation,” Dony said in Jakarta on Tuesday.

He noted that the completion of the consolidation is expected before January 2027, although the implementation schedule will be re-confirmed based on the ongoing progress of the process.

Dony also confirmed that PT INKA will eventually be placed under PT KAI once all stages of the corporate consolidation are completed. “Yes, PT INKA will be under KAI,” Dony said.

Previously, the President Director of PT Kereta Api Indonesia (Persero), Bobby Rasyint, stated that the consolidation and integration of PT Industri Kereta Api (Persero), or INKA, is targeted to become effective from 1 January 2027, following the completion of the due diligence process.

“The plan for consolidation and integration is set for 1 January,” Bobby said during a hearing with Commission VI of the Indonesian House of Representatives (DPR RI) in Jakarta on Wednesday, 23 September 2026.

Bobby explained that the inbreng process (capital contribution in kind) for INKA was conducted in September 2026 under a conditional inbreng scheme, while the full consolidation and integration would take place in early 2027. “The inbreng is happening this month, but it is a conditional inbreng. Therefore, the plan for consolidation and integration is 1 January,” he added.

According to Bobby, KAI has completed due diligence on all aspects of INKA as part of the integration process. “We have now conducted due diligence on all aspects present in INKA,” he said.

Following the integration, INKA will assume a broader role, as KAI’s railway rolling stock maintenance activities, including Balai Yasa, will be integrated with the railway manufacturing company. Under this scheme, INKA’s operations will encompass not only manufacturing but also the maintenance and engineering of railway rolling stock.