Lippo Group to build $29b industrial centre, dubbed 'Shenzhen of Indonesia', near Jakarta

File photo of high-rise buildings in Jakarta, Indonesia. PHOTO: EPA

JAKARTA (REUTERS) - Indonesian conglomerate Lippo Group said on Thursday (May 4) it will lead the construction of a 278 trillion rupiah (S$29 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 will be funded by the group and other partners. The first stage of construction is expected to be completed in three years.

Join ST's Telegram channel here and get the latest breaking news delivered to you.