Indonesia's Lippo Group to build 278t rupiah industrial centre near Jakarta

[JAKARTA] Indonesian conglomerate Lippo Group said on Thursday it will lead the construction of a US$21 billion industrial centre, which will include automotive and electronic factories.

Billed as the "Shenzhen of Indonesia", the complex will be built in the corridor connecting the Indonesian capital of Jakarta to the West Java city of Bandung, Lippo said. Shenzhen is one of China's largest manufacturing hubs.

It added that the project, worth more than 278 trillion rupiah (S$29.12 billion), will be funded by the group and other partners. The first stage of construction is expected to be completed in three years.

REUTERS