Salim Group Takes Over Keppel Data Centres, Now Becomes IndoData!

Eight years ago, Salim Group and Keppel Data Centres shook hands to build their first data center on the outskirts of Bogor. This week, the collaboration officially changed face. Salim Group fully acquired Keppel Data Centres and relaunched the joint venture under a new identity: IndoData Data Center. 

This transaction adds to the long list of tycoon Anthoni Salim's portfolio in the digital infrastructure sector, while also reinforcing his position as one of the big names behind the recent movement of Indonesia's data center stocks.

Key Takeaways

• Salim Group now owns 100% of IndoData Data Center (formerly IndoKeppel) after buying out Keppel's shares; the transaction was actually completed as early as December 2025.
• IndoData has secured a power supply contract of up to 500 MW from PLN and has just added 6 MW of IT load for one of its hyperscale clients.
• Outside IndoData, Anthoni Salim also holds 11.12% of DCII shares, the largest data center operator on the IDX with a market share of around 25.6%.

Chronology of Salim Group's Acquisition of Keppel Data Centres, Birth of IndoData

The story began in 2018, when Salim Group and Keppel Data Centres signed a joint venture with a 60:40 ownership structure to build a data center in Bogor, West Java. 

The project named IndoKeppel Data Centre 1 (IKDC 1) was initially targeted to operate in 2020, but the plan was delayed due to the Covid-19 pandemic. The first phase with a capacity of 5 MW only came online in 2022.

After six years as a joint venture, Salim Group decided to take over all of Keppel's shares. Interestingly, this transaction was actually completed as early as December 2025, but was only announced to the public this week along with the launch of the company's new identity: IndoData Data Center. The transaction value itself was not disclosed to the public.

IndoData's facility sits on about 30 hectares of land in Bogor and targets large clients such as AI companies, cloud providers, and hyperscalers, according to a report by w.media. 

In its business development, IndoData claims to have secured power capacity of up to 500 megawatts through a contract with PT PLN (Persero) — a figure that is quite large for a data center facility in Indonesia.

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Ronald Setiawan, former director of IndoKeppel who now serves as Managing Director of IndoData, also announced the completion of an additional 6 MW IT load capacity developed on a built-to-suit basis for one of its existing hyperscale clients. 

According to him, this expansion reflects the client's continued trust in IndoData's ability to provide reliable and scalable infrastructure, as quoted by IDN Financials.

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Salim Group Stocks Behind Data Center Expansion: DCII and Anthoni Salim's Empire

The acquisition of IndoData is not Salim Group's first step in the data center sector. Anthoni Salim, the controller of Salim Group, also has a significant ownership in PT DCI Indonesia Tbk (DCII), a data center operator that has already been listed on the Indonesia Stock Exchange. Salim Group itself was founded in 1972 and has a wide business portfolio, ranging from Indofood, Indomobil, Indomaret, to Bogasari. 

Outside Indonesia, Salim Group's investment holding listed on the Hong Kong stock exchange, First Pacific, also controls telecommunications operator PLDT in the Philippines, according to a report by DataCenterDynamics.

Based on ownership data as of August 26-27, 2026 compiled by receh.in, Anthoni Salim holds 11.12% of DCII shares — one of his three personal ownership positions above 5%, besides DNET (25.30%) and EMTK (8.97%). Among these three positions, his ownership value in DCII is the largest in terms of market value, around Rp54 trillion, even though the percentage is smaller than DNET.

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DCII itself is not a small player. KB Valbury Sekuritas research cited by Suara.com states that DCII is the largest data center operator in Indonesia with a market share of around 25.6%, with the national data center industry projected to grow around 25% per year until 2030. 

DCII's long-term prospects are also supported by the development plan of Bintan Data Center Park with a capacity of up to 1,000 MW on 700 hectares of land, backed by the status of Special Economic Zone and Bintan Free Trade Zone.

Nevertheless, KB Valbury Sekuritas analysts also caution that DCII shares are already trading at very premium valuations with relatively thin trading liquidity, which could trigger price volatility. This note is important for investors interested in the data center stock theme through DCII, not just looking at its growth potential.

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Map of Indonesia Data Center Stocks on the IDX

Stocks with a data center focus on the IDX are actually not just about DCII or Salim Group. There are four groups of issuers interconnected in this industry's value chain, from direct operators to power providers. 

As an illustration of the scale of opportunity, the construction cost of data centers in Jakarta is recorded at around US$11.21 per watt — about 23% cheaper than Singapore's US$14.53 per watt, according to Rikopedia Research. This cost difference is driving a number of regional data center projects to start looking at Indonesia.

Data Center Operators

• DCII (DCI Indonesia) — a pure operator with the largest market share in Indonesia.
• TLKM (Telkom Indonesia) — developing data centers through the NeutraDC platform with a target capacity of around 500 MW by 2030, including a hub in Batam.
• ISAT (Indosat Ooredoo Hutchison) — partnering with BDx and securing power supply commitments from PLN of up to around 1.2 GW on Java island; its shares once jumped 16.84% in a day to Rp2,220 on August 7, 2026, following the announcement of minority shareholding in the AI platform Zankore.
• DSSA (Dian Swastatika Sentosa) — through its subsidiary SM+, operates around 40 MW of capacity spread across 25 locations, including a Tier IV facility in the Jakarta CBD area.
• INET (Sinergi Inti Andalan) — manages data center space in Cyber I Building and plans to build a green data center on 180-200 hectares of land in Purwakarta.

Electricity & Energy

• POWR (Cikarang Listrindo) — captive power provider in the Cikarang area.
• BREN (Barito Renewables Energy), PGEO (Pertamina Geothermal Energy), and ARKO (Arkora Hydro) — low-carbon energy suppliers.
• PGAS (Perusahaan Gas Negara) — gas provider for industrial energy needs.

Industrial Areas & Construction

• DMAS (Puradelta Lestari) — around 70% of its industrial land demand in Cikarang comes from data center operators.
• SSIA (Surya Semesta Internusa) — developer of the Suryacipta area, the location of the BDx data center campus with a capacity of around 300 MW.
• BEST (Bekasi Fajar Industrial Estate) and KIJA (Kawasan Industri Jababeka) — have potential to accommodate additional land demand in the Cikarang area.
• TOTL (Total Bangun Persada) — contractor with experience in mechanical-electrical-plumbing projects for data centers.

Fiber & Towers

• MORA (Mora Telematika Indonesia) and KETR (Ketrosden Triamitra) — inter-city fiber optic infrastructure.
• TOWR (Sarana Menara Nusantara) and MTEL (Dayamitra Telekomunikasi) — providers of telecommunication towers and fiber networks.

Before considering any of the above issuers, there are several risks to consider: project execution delays, increased debt due to large capital expenditures, limited power supply, potential capacity oversupply, overvaluation compared to fundamentals, exchange rate fluctuations, and customer concentration on a few large hyperscalers. 

The list of issuers above is written for identification and educational purposes, not as a recommendation to buy, sell, or hold any particular stock.

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Conclusion

Salim Group's full acquisition of Keppel Data Centres marks a new chapter in Anthoni Salim's business empire expansion in the digital infrastructure sector, complementing its ownership in DCII which has already been a major player on the IDX. 

Beyond the Salim Group story, the theme of Indonesian data center stocks itself is much broader, covering electricity issuers, industrial areas, and fiber operators that all benefit from the growing demand for AI and hyperscale infrastructure. However, like any investment theme, this opportunity is still accompanied by execution, funding, and valuation risks that need to be understood before making a decision.

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FAQ

What is IndoData Data Center? 

IndoData is the new name of IndoKeppel Data Centres after Salim Group bought all shares of Keppel Data Centres in that joint venture. The company now operates as an independent data center operator in Bogor, West Java.

When did Salim Group complete the acquisition of Keppel Data Centres? 

The purchase transaction of Keppel shares was actually completed as early as December 2025, although the official announcement and the launch of the new name were only made at the end of August 2026.

What power capacity does IndoData have? 

IndoData has secured a power supply contract of up to 500 megawatts from PT PLN (Persero), plus a new IT load capacity of 6 MW for one of its hyperscale clients.

What is Anthoni Salim's connection with DCI Indonesia (DCII)? 

Anthoni Salim is recorded as holding 11.12% of DCII shares as of the end of August 2026, making him one of the largest individual shareholders in that data center operator.

What stocks are included in the data center theme on the IDX? 

This theme includes operators such as DCII and TLKM, power providers like POWR and BREN, industrial area developers like DMAS and SSIA, and fiber operators like TOWR and MTEL.