Indonesian conglomerate the Bakrie Group said it has set up a joint venture vehicle to invest $1 billion over five years into the resources sector in Nigeria.
The venture with British Nigerian entrepreneur Ladi Delano, forming Bakrie Delano Africa, plans to invest $1 billion in mining, gas and agriculture, the Bakrie Group said in a statement.
"With this venture we wish to reiterate not only that Indonesian companies are increasingly more active in shaping the world's investment landscape, but also that Africa, especially Nigeria, is indeed an attractive investment destination," said Indra Bakrie of the Bakrie Group.
Delano will be the chief executive of the venture, the statement said.
The Bakrie Group owns stakes in PT Bumi Resources, Asia's largest thermal coal exporter, diversified miner PT Bumi Resources Minerals and other Indonesian firms in sectors such as palm oil, property and telecoms.
The new partnership by the politically-connected Bakrie family comes amid strains in their relationship with British financier Nathaniel Rothschild, their partner in London-listed mining venture Bumi PLC.
Reuters
