The Indonesian Ministry of Finance announced plans to acquire a 60% ownership stake in PT Kereta Cepat Indonesia-China (KCIC), the company operating the Whoosh high-speed passenger train service on the 142 km Jakarta to Bandung rail line. KCIC is a joint venture with a 60:40 ownership structure, split between a consortium of Indonesian state-owned enterprises and the Chinese Beijing Yawan HSR consortium. The line, designed for operation at speeds up to 350 km/h according to Chinese standards, commenced service in 2023 under a 50-year design-build-operate concession held by KCIC.
After the acquisition, the Indonesian Ministry of Finance intends to transfer
its 60% holding to Danantara, the state investment agency, by mid-September 2026. The remaining 40% stake will continue to be held by the Beijing Yawan HSR consortium. Post-acquisition, the Whoosh service will be managed through a special purpose vehicle controlled by the Finance Ministry, structured so that operating costs and debt servicing will be paid from revenue or dividends generated by this vehicle, thereby excluding these obligations from the state budget.
Government Aims to Preserve China Cooperation and Study Route Expansion
The Indonesian government expects that the change in ownership will not disrupt ongoing collaboration with China on high-speed rail projects. Plans for extending the route beyond Bandung toward Surabaya
and potentially Banyuwangi, located on eastern Java, are under evaluation by the Ministry for Infrastructure and Regional Development. The restructuring of KCIC’s ownership and finances will provide a benchmark for deciding on the feasibility of these expansions without affecting the national budget.
KCIC Focuses on Operational Efficiency and Ridership Growth
KCIC has stated its commitment to optimizing current operations by increasing passenger volumes through improved service quality, introduction of customer-friendly innovations, and enhanced connectivity with other transport modes. The company is also targeting revenue growth by expanding activities beyond core rail operations. Since launching Whoosh in 2023, the service has transported over 16.9 million passengers as of the
end of July 2026.
The brand name Whoosh embodies the principles of ‘waktu hemat, operasi optimal, sistem handal’, translating to ‘time saving, optimal operation, reliable system.’ The Jakarta to Bandung high-speed rail represents Indonesia’s and Southeast Asia’s first high-speed train service built to Chinese technical and operational standards.
