Jakarta. Seven state-owned enterprises (SOEs) will meet with the newly established Danantara Investment Authority (BPI Danantara) this week, marking a step forward in leveraging these companies' assets under the management of the sovereign wealth fund.

Executives from state lender Bank Rakyat Indonesia (IDX: BBRI) and telecommunications giant Telkom Indonesia (IDX: TLKM) kicked off discussions with Danantara’s leadership on Tuesday.

Danantara Deputy Chief Kaharuddin Djenod described the meeting as an introductory stage for SOEs planning to join Danantara.

“This meeting is essentially for introductions. While Danantara is preparing formalities, we want to learn more about the SOEs that will be joining,” Kaharuddin told reporters.

The other five SOEs have not been officially confirmed, but local reports suggest they include state banks Bank Mandiri (IDX: BMRI) and Bank Negara Indonesia (IDX: BBNI), state utility PLN, oil and gas company Pertamina, and mining holding company Mineral Industri Indonesia (MIND ID).

Modeled after Singapore’s Temasek, Danantara is designed to act as a “superholding” to manage and optimize Indonesia’s extensive state assets. With an estimated $600 billion in assets (Rp 9,409 trillion), the fund aims to consolidate key government-controlled entities and drive long-term economic growth.

The Indonesian government already operates a sovereign wealth fund, the Indonesia Investment Authority (INA), which manages $10.5 billion in assets. INA’s investment portfolio includes Pertamina Geothermal Energy, the Belawan New Container Terminal (BNCT), Traveloka, and Pertamina Bina Medika IHC. It remains unclear whether Danantara will absorb INA or function independently.

President Prabowo Subianto appointed former Financial Services Authority (OJK) chairman Muliaman Darmansyah Hadad as Danantara’s chief executive. However, the fund’s official launch, initially planned for November 7, is still under review, with key decisions on its legal status and operational scope pending.

Danantara’s mission, as outlined in its official profile, aligns with Indonesia’s broader strategy to achieve “inclusive, sustainable, and high-quality economic growth” over the next five years. By consolidating critical SOE assets, Danantara seeks to enhance global competitiveness, strengthen national prosperity, and improve the efficiency of government programs.