Indonesia’s Ministry of Finance announced on August 6, 2026, its intention to acquire a 60% stake in PT Kereta Cepat Indonesia-China (KCIC), the operator of the Whoosh high-speed passenger rail service. This stake currently held by Indonesian state-owned enterprises will be transferred to state investment agency Danantara by mid-September 2026. Beijing Yawan HSR consortium of Chinese companies retains the remaining 40% ownership.
KCIC oversees the 142-kilometre Jakarta-Bandung high-speed rail line, which opened in 2023. The railway was designed and constructed to Chinese technical standards for operations at speeds up to 350 km/h. The company holds a 50-year design-build-operate concession for
the 1,435 mm gauge line.
Operational and Financial Restructuring
Post-acquisition, Whoosh will be operated by a special purpose vehicle under Indonesia’s Ministry of Finance, structured to exclude operational costs from the state budget. This restructuring aims to fund KCIC’s operating expenses and debt repayments through revenue and dividends generated by the new vehicle.
Ongoing Cooperation and Network Expansion
The Indonesian government expects the ownership changes will not disrupt ongoing cooperation with China. The Indonesian Ministry for Infrastructure & Regional Development is studying expansions of the high-speed network towards Surabaya and Banyuwangi in eastern Java. The Indonesian Transport Ministry indicated this financial restructuring will be a benchmark for decisions on
further expansion of the rail line.
Ridership Growth and Service Improvements
KCIC continues to focus on operational optimization, aiming to increase ridership by enhancing service quality, intermodal connectivity, and customer-friendly innovations. The company also plans to develop non-core revenue streams to improve financial sustainability.
By the end of July 2026, Whoosh had carried over 16.9 million passengers. The service launched in 2023 under the Whoosh brand, an acronym for “waktu hemat, operasi optimal, sistem handal” (time saving, optimal operation, reliable system), inspired by the sound of a high-speed train.
