JAKARTA: India's Adani Group has pulled out from a $1.7 billion coal railway project with Indonesian state coal miner PT Bukit Asam in South Sumatra due to Indonesia's tough restrictions on licensing, Bukit Asam's chief executive said.
Bukit Asam's CEO Milawarma also said that it is still in ongoing discussions with Indonesia's Rajawali Group to start another $2 billion South Sumatra coal railway project, which has also been delayed for years on licensing and valuation issues.
The setbacks show the difficulty for investors in developing large infrastructure projects in Southeast Asia's biggest economy due to uncertain and overlapping rules, despite government commitments to support development.
Bukit Asam's CEO Milawarma also said that it is still in ongoing discussions with Indonesia's Rajawali Group to start another $2 billion South Sumatra coal railway project, which has also been delayed for years on licensing and valuation issues.
The setbacks show the difficulty for investors in developing large infrastructure projects in Southeast Asia's biggest economy due to uncertain and overlapping rules, despite government commitments to support development.
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