Fuel distributor AKR Corporindo is looking to enter the power plant business, having set up an energy company through subsidiaries to supply its under-construction industrial estate in East Java.

The publicly listed company announced in a written statement submitted to the Indonesia Stock Exchange (IDX) website on Monday that the company had established a Surabaya-based company, Energy Manyar Sejahtera, through its subsidiaries Usaha Era Pratama Nusantara (UEPN) and Andahanesa Abadi (ADH).

The newly established company is a joint venture between UEPN and ADH and two other firms, Santiniluwansa Lestari and Amanah Indo Invest.

UEPN and ADH hold a 75 percent combined stake in the new firm, while Santiniluwansa and Amanah own the remaining 25 percent, AKR Corporindo corporate secretary Suresh Vembu told The Jakarta Post over the phone.