Tembusu Partners backs Indonesia coal player

The Tembusu commitment came from the firm's second growth fund. It is part of a $20 million round of financing underwritten by The Islamic Bank of Asia (IB Asia), a Singapore-headquartered joint venture between DBS Bank and prominent investors from the Gulf Cooperation Council.

PMCR is backed and managed by the Sindhu family, owner of Indian coal, logistics and power conglomerate Sainik-Aryan Group. The company's mines in East Kalimantan have a resource base of approximately 500 million metric tons and the plan is to ramp up annual production to 5 million tons within three years in preparation for an IPO.

"As a pan-Asian fund backing fast-growing entrepreneurial companies, Tembusu looks forward to partnering IB Asia and the management team in building PMCR as a leading integrated platform connecting Indonesia's vast coal resource base and India's fast-growing energy needs, with a view to IPO in an attractive Asian listing location such as Singapore," Andy Lim, founder and chairman of Tembusu, said in a statement.

Tembusu was set up in 2006 and now has S$270 million ($217 million) under management across four funds. It targets growth-stage companies across Asia in sectors such as education, healthcare, technology and resources. The company has offices in Beijing, Shanghai, Nanjing and Qingdao, as well as in Singapore.

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• Topics
• Expansion
• Industrials
• Southeast Asia
• Indonesia
• Singapore
• Southeast Asia
• Commodities
• Growth capital