Foreign firms in Indonesia

Ginting & Reksodiputro in association with Allen & Overy

Allen & Overy has been a powerful force in areas such as corporate and M&A, banking and finance, projects and energy, and capital markets, with lawyers on the ground through its affiliate firm Ginting & Reksodiputro in association with Allen & OveryGautam Narasimhan is the key name of note in banking and finance and focuses on structured, leveraged and acquisition finance. Leading the capital markets team is Jeremy Stoupas, who is an expert in both debt and equity issuances. On the corporate side, Brendan Hannigan is a noteworthy name and is handling major deals in the TMT and financial services sectors. Jason Humphreys leads the energy and infrastructure team and is particularly well known for his work in the oil and gas sector. Scott Lovell is another key member of the energy and infrastructure team.

Practice head(s):

Gautam Narasimhan; Jeremy Stoupas; Brendan Hannigan; Jason Humphreys

Other key lawyers:

Scott Lovell 

Key clients

EMR CapitalInternational Finance Corporation

Garuda Indonesia

QBE Insurance Group

Commonwealth Life


Polinasi Iddea Investama

Work highlights

  • Acting for a global financial institution as the mandated lead arrangers and bookrunners in relation to financing for a mining project for a state-owned entity.
  • Advised EMR Capital and Adaro Capital (a subsidiary of PT Adaro Energy Tbk) on the financing of the AU$2.25bn acquisition of Rio Tinto’s Kestrel coal mine in Queensland, Australia.
  • Acted for PT Garuda Indonesia (Persero) Tbk, a state-owned Indonesian airline company, on its issuance of unsecured notes.
  • Advised QBE Insurance Group on the disposal of 100% of its shares in PT QBE General Insurance Indonesia to Great Eastern General Insurance Limited and PT Suryasono Sentosa for $28m.
  • Advised PT Pembangkitan Jawa Bali on the proposed development of the 800MW Jawa-3 gas combined-cycle power plant in Indonesia.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Fr

Herbert Smith Freehills LLP has a longstanding history in Indonesia through its connection with local firm Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills, and prominently acts in areas such as M&A, banking and finance, projects and energy, TMT and dispute resolution. Adrian Cheng leads the banking and finance side and has extensive experience in handling cross-border financings. Alastair Henderson focuses on dispute resolution and has a strong track record in international arbitration. David Clinch heads up the projects and energy team and regularly advises on project development and financings, as well as acquisitions and disposals. TMT specialist Mark Robinson is also highly recommended.

Practice head(s):

Adrian Cheng; Alastair Henderson; David Clinch; Mark Robinson 

Key clients



Ant Financial







Société Générale

Wijaya Karya

Work highlights

  • Advised ING, Société Générale and Australia and New Zealand Banking Group Limited as lenders and arrangers on their $500m senior secured RBL revolving facility to PT Medco E&P Malaka and PT Medco E&P Tomori Sulawesi, which served to refinance two separate existing facilities; and the syndication of the facility to a lender group of 12 banks including Bank Mandiri, DBS, BNP Paribas, Natixis, Standard Chartered, Sumitomo Mitsui Banking Corporation, HSBC, Mizuho, MUFG and UOB.
  • Advising Santos in connection with the sale of various upstream oil and gas assets in Indonesia, Vietnam, Malaysia and Bangladesh to Ophir Energy.
  • Acted for a client in a dispute concerning the validity of an agreement not executed in the Indonesian language and only executed in the English language.
  • Advised a client on its $2bn series F investment funding round in Go-Jek
  • Assisted a client with its $1.1bn funding round of Indonesian-based e-commerce company Tokopedia


Milbank's repertoire in Indonesia includes corporate and M&A, banking and finance, capital markets, and projects and energy work. David Zemans heads the banking and finance team and is a popular choice for complex cross-border financings in the region. Naomi Ishikawa covers the spectrum of capital markets work, while Giles Kennedy works on both banking and finance and capital markets matters. The projects and finance team is led by James Murray, who primarily advises lenders on high-scale energy and infrastructure projects. Also highly recommended are Jacqueline Chan, who is an expert in corporate finance transactions and M&A, and cross-border financing expert James Orme.

Practice head(s):

David Zemans; Naomi Ishikawa; James Murray


‘Excellent commercial and business sense and understand the client’s needs.’

‘Always put themselves in the client’s shoes.’

‘Very responsive to the client’s requests.’

‘Most associates are very knowledgeable and professional in their approach to clients.’

‘Jacqueline Chan is experienced,  has good relationships with clients, is responsive with inquiries and provides helpful alternative solutions.’

‘Giles Kennedy is experienced and highly knowledgeable.’

‘James Orme is very prompt and helpful. Straight to the point.’

‘James Orme is an outstanding lawyer who puts himself in the client’s shoes.’

Key clients

Australia and New Zealand Banking Group

The Bank of Tokyo- Mitsubishi UFJ

CIMB Bank Berhad, Singapore Branch

Oversea-Chinese Banking Corporation

Standard Chartered Bank

Sumitomo Mitsui Banking Corporation

Indies Capital Partners

Nomura Singapore

Varde Partners

Genting Sanyen Group

Star Energy


Mandiri Securities


PT Lestari Banten Energi

Star Energy


Agung Podomoro Land



Lippo Karawaci




ABM Investama




Morgan Stanley

Plaza Indonesia Realty

AirAsia Berhad

Fareast Green Energy Development Pte Ltd (a subsidiary of the Dharma Group)







Société Générale

Mizuho Corporate Bank

Mitsubishi UFJ Trust and Banking Corporation

Aozora Bank

Shinsei Bank

The Norinchukin Bankon


Korea Development Bank

SMBC Singapore Branch

PT. Supreme Energy

Muara Laboh


Nomura Singapore

Asian Development Bank




Work highlights

  • Advised Star Energy on its $580m offering of 6.75% green bonds.
  • Advised SERD in connection with the development and financing for the Rantau Dedap geothermal project in southern Sumatra, Indonesia
  • Assisted CLSA and Mandiri Securities on the offering of $200m of guaranteed senior notes by TBLA International.
  • Advised AirAsia Berhad in relation to the trade sale of its aircraft leasing company, Asia Aviation Capital Limited.
  • Advised a consortium of banks on a $200m issuance of high-yield bonds to shipbuilding company Soechi Lines.

Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia

White & Case Pte. Ltd.'s presence in Indonesia covers banking and finance, projects and energy, corporate and M&A, and capital markets. The firm also largely benefits through its local alliance with Witara Cakra Advocates (WCA) in association with White & Case. Kaya Proudian co-heads the practice and is an expert in capital markets work. Also leading the team is Jonathan Olier, who handles M&A and private equity deals. Other key figures include Steve Payne, who has expertise in project finance, and Jon Bowden, who focuses on M&A and private equity transactions.

Practice head(s):

Kaya Proudian; Jonathan Olier

Other key lawyers:

Steve Payne; Jon Bowden

Key clients

Deutsche Bank

Credit Suisse


Morgan Stanley



International Finance Corporation

China Development Bank


Mandiri Sekuritas

FKS Food & Agri

LS Cable & System Ltd.

Puma Energy

Saudi Arabian Oil Company

Work highlights

  • Advised China Development Bank in connection with three term loan facilities for Smart Telecom.
  • Advised the arrangers and managers on the update of the Republic of Indonesia’s $25bn trust certificate issuance programme and the subsequent $2bn dual tranche sukuk offering under the programme.
  • Advised a consortium as joint lead managers in connection with LMIRT Capital Pte. Ltd.’s Regulation S offering of $250m 7.25% senior guaranteed notes.
  • Advised Deutsche Bank and UBS as joint global coordinators and IndoPremier and Credit Suisse as joint bookrunners in the secondary offering of 648,508,000 ordinary shares in MAP Aktif Adiperkasa.
  • Represented LS Cable & System Ltd on its formation of a joint venture in Indonesia with PT Artha Metal Sinergi, an affiliate of Artha Graha Group.

Clifford Chance

Clifford Chance's skill set in this space covers corporate and M&A, banking and finance, projects and energy, restructuring and insolvency, and dispute resolution. Melissa Ng leads the practice and is particularly skilled in M&A and joint ventures. Tom England is regularly instructed in financings and restructurings, whereas Kate Sherrard is an expert in restructurings and insolvency. Other highly recommended members of the team include capital markets specialist Johannes Juette; Paul Sandosham, who focuses on energy disputes; Kabir Singh, who works on general commercial litigation and arbitration; and Nicholas Wong, who specialises in project development and financing.

Practice head(s):

Melissa Ng

Key clients

ICG Strategic Equity Advisors

BNP Paribas Hong Kong Branch

Surya Pertiwi

The Export-Import Bank of China

Medco Power

Star Energy

Barito Group

Navis Capital

Ayala Land

Northstar Group

Work highlights

  • Advised ICG Strategic Equity and Affirma Capital’s Fund 1 on the acquisition of a private equity portfolio comprising 35 investments across South-East Asia, India, China, South Korea, the Middle East and Africa, underpinning the management buyout of Standard Chartered Private Equity Limited.
  • Advised a consortium of banks on the $4bn bond issuance by Indonesian state-owned mining company PT Indonesia Asahan Aluminium Persero
  • Advised Evolution Wellness on a bolt-on acquisition of Fivelements, a premium yoga and wellness resort group in Indonesia.
  • Acted for the client on its $110m listing on the Indonesia Stock Exchange.
  • Assisted the Export-Import Bank of China with the $1.26bn financing for the development of eight mine-mouth coal-fired power plant projects in South Sumatra, Indonesia.

Jones Day

Jones Day's areas of focus in Indonesia are banking and finance, project finance and dispute resolution. Julien Reidy is highly skilled in handling energy and infrastructure projects, as is Alex Cull. Maria Pedersen has a similar focus on the energy sector, but specialises in transactions and disputes. Other key members of the team include Sushma Jobanputra, who specialises in banking and restructuring; Matthew J. Skinner, who is an expert in energy and construction disputes; and investment funds lawyer Dennis Barsky.

Practice head(s):

Julien Reidy; Alex Cull; Matthew J. Skinner


‘Jones Day’s team are knowledgeable and very responsive.’

‘They communicate effectively with each other, sharing their opinions with members of their team as well as taking into consideration what others have to say.’

‘Every team member is unique and able to offer their own experiences and knowledge that others may not possess.’

‘Positive attitude and work effectively.’

Key clients

Ancora Capital Management

Crescent Point

Ernst & Young & Asian Development Bank

International Finance Corporation

PAG Asia

Yamaha Motor Company

Work highlights

  • Advised Ancora Capital Management Pte Ltd on the formation of Ancora Residential Fund LP, a Singapore-based fund that will invest in apartment development projects in Indonesia.
  • Represented Crescent Point Group on a facility for the refinancing of existing facilities by a consortium of lenders to Asia Venture Capital Holdings Pte Ltd and several subsequent amendments to the facility.
  • Advising the Recapital Group on multiple outbound and inbound transactions, including its financing and investment in Finca Cortesín in Spain.
  • Advised Yamaha Motor Co, Ltd on its $150m investment in Grab Holdings Inc.


Linklaters is renowned for its work in banking and finance, projects and energy, corporate and M&A, and capital markets. Philip Badge is a key figure and advises primarily on corporate finance. Christopher Bradley is highly active in leveraged finance, infrastructure finance and acquisition finance. Hyung Ahn leads the capital markets team, with expertise in both debt and equity transactions and a client base consisting of global financial institutions.  The corporate and M&A team is led by Sophie Mathur, who is particularly strong in transactions involving the financial services sector. James McLaren is a key name for projects and energy, and is active in the power and mining sectors.

Practice head(s):

Philip Badge; Christopher Bradley; Hyung Ahn; Sophie Mathur; James McLaren

Key clients

DBS Bank

Bank of New York


Citigroup Global

Markets Limited

BNP Paribas

Standard Chartered


Credit Suisse

Bank Mandiri

Work highlights

  • Advised PT Pamapersada Nusantara (PAMA) in relation to the acquisition by its subsidiary, PT Danusa Tambang Nusantara, of the Martabe gold and silver Mine located in North Sumatra province
  • Acting for PT Medco Power Indonesia and Ratchaburi Electricity Generating Holding PCL as sponsors on the financing of a 275MW gas-fired power plant project in Riau province
  • Advising MUFG Bank as arranger on a loan facility to PT Bank Rakyat Indonesia as borrower.
  • Advised Citigroup, DBS Bank and HSBC as arrangers on a $350m facility to PT Sri Rejeki Isman Tbk.
  • Acted as international counsel to DBS Bank, as lead manager and bookrunner, and the Bank of New York Mellon, London Branch, as trustee, in connection with a standalone issuance of $500m senior unsecured notes due 2023 by PT Bank Rakyat Indonesia (Persero) Tbk.

TNB & Partners

Norton Rose Fulbright has expertise in project finance, corporate finance and M&A, and has a local presence through TNB & PartnersJeff Smith , who is based in London, leads the team and is very experienced in project financing and development. The Singapore office consists of fellow project finance specialist Nick Merritt, as well as corporate finance experts Stephen Woods and Craig Loveless. Also recommended is Bangkok-based Somboon Kitiyansub, who focuses on M&A transactions.

Practice head(s):

Jeff Smith 

Shearman & Sterling LLP

Shearman & Sterling LLP is highly experienced in project finance, corporate and M&A, capital markets and arbitration. Bill McCormack is a key figure and well known for his work on energy and infrastructure projects. Ben Shorten  also has a longstanding history of advising on project development and financing. Sidharth Bhasin handles the corporate side and is an expert in M&A and private equity transactions. Also highly recommended is Andrew Schleider, who advises on the team's capital markets work.

Practice head(s):

Bill McCormack; Ben Shorten; Sidharth Bhasin; Andrew Schleider

Key clients

J Power








Deutsche Bank


BNP Paribas

Credit Suisse

Work highlights

  • Advised a consortium led by Pertamina Power Indonesia, Marubeni Corporation and Sojitz Corporation in connection with the development and financing of the $1.7bn integrated LNG-to-power project located in West Java province
  • Advised the Asian Development Bank (ADB) as sole lender on the $215m financing of the Eastern Indonesia Renewable Energy Project.
  • Advising Masdar in connection with the development of a 145MW floating solar PV project over the Cirata reservoir in Indonesia, to be undertaken under the new PJB holding structure.
  • Advising IFC on the refinancing of the Asahan-1 hydropower project.
  • Advised the initial purchasers as international counsel on all aspects of the $775m debt refinancing of the original project financing loans of the Banten IPP in Indonesia via the issuance of 20-year secured project notes

DLA Piper

DLA Piper's work in Indonesia comes from its Singapore, Hong Kong and Bangkok offices. Bangkok-based Timothy Tan is a key figure and is an expert in acquisition finance, corporate finance and leveraged buy-outs. Matthias Schemuth is based in Hong Kong and focuses on project finance. In Singapore, Joe Bauerschmidt is the key name of note and handles both debt and equity capital market transactions.

Practice head(s):

Timothy Tan; Matthias Schemuth; Joe Bauerschmidt

Key clients

DBS Bank

ING Group UO

Bank Mandiri

General Electric

Barito Pacific

Indonesia Power

QuEST Global

MNC Investama group

Coöperatieve Rabobank

Pierfront Capital Fund Management


Experian Ventures


Surbana Jurong

Work highlights

  • Advised DBS Bank, ING Group and UOB in connection with a $820m receivables purchase financing for Huawei Tech Investment under a network expansion procurement agreement in East Kalimantan, Indonesia, with Hutchison.
  • Acting as counsel to Bank Mandiri in its role as issuer in the establishment of a $2bn EMTN programme and the first drawdown in the amount of $750m.
  • Represented General Electric on the internal restructuring of its transportation business and on the acquisition of the shares in Indonesia by Wabtec.
  • Represented Barito Pacific and Indonesia Power, in their role as sponsors, in relation to the development and financing of the $3.3bn 2x1000MV Jawa 9 and 10 coal-fired power station in Indonesia
  • Representing Jakarta-based RedDoorz in its ongoing $50m series B funding led by Qiming Venture Partners.

Gibson Dunn

Gibson Dunn has a longstanding reputation the areas of energy project development and banking and finance. Brad Roach co-heads the practice and has extensive experience in handling oil and gas projects. Also leading the team is Jamie Thomas, who is an expert in cross-border leveraged and acquisition finance transactions.

Practice head(s):

Brad Roach; Jamie Thomas 

Key clients

Bank of America

Mizuho Corporate Bank

Japanese Bank for International Cooperation

SM Investments Pte Ltd

OCP Asia (Hong Kong) Limited

MAXpower Group Pte Ltd

Chevron Corporation

Amman Mineral Nusa Tenggara

Medco Energi Internasional

Jadestone Energy

Saka Energi Indonesia

Anadarko Petroleum Corporation

Indika Energy Tbk

Work highlights

  • Advised MedcoEnergi subsidiaries PT Medco E&P Malaka and PT Medco E&P Tomori Sulawesi, as borrowers, and PT Medco Energi Internasional Tbk, as sponsor, in a $500m six-year secured revolving reserve-based lending facility arranged by Australia and New Zealand Banking Group, ING Bank and Société Générale for the refinancing of existing debt and general corporate purposes.
  • Assisted the sponsors of the Mozambique LNG project, a $20bn 12.88 million tonne per annum LNG project under development in the Republic of Mozambique, in connection with a sale and purchase agreement for the sale of 1 million tonnes per annum of LNG to Indonesia’s national oil and gas company, PT Pertamina (Persero), for a term of 20 years.
  • Advising a client on the development of a 1.3 million tonne per annum copper smelter, precious metals refinery and associated facilities in Benete Port, Sumbawa
  • Advised the borrower, PT Indika Energy Tbk, an Indonesia-based integrated energy company, on its financing from ICICI Bank, MUFG Bank and Bank Mandiri for an investment in a proposed fuel terminal and storage facilities, jetty and related infrastructure in Kariangau, East Kalimantan
  • Represented JBIC, Mizuho Corporate Bank and Sumitomo Mitsui Trust Bank in the restructuring of a Japanese yen-denominated project finance loan equivalent to approximately $326.3m to Indonesia Chemical Alumina (a joint venture between Antam and Showa Denko) for the construction of the $450mTayan Chemical Grade Alumina project.

Hogan Lovells in association with Dewi Negara Fachri & Partners

Dispute resolution and project finance are the key areas of focus for Hogan Lovells DNFP. Singapore-based Maurice Burke leads the dispute resolution practice and is particularly active in sectors such as financial services, oil and gas, and telecoms. Sean Conaty leads the project finance team and is highly skilled in advising on power plant projects. The firm also works in tandem with Jakarta-based Dewi Negara Fachri & Partners.

Practice head(s):

Maurice Burke; Sean Conaty

K&L Gates Straits Law LLC

Traditionally strong in energy and infrastructure projects, K&L Gates Straits Law LLC is also highly capable in areas such as banking and finance and dispute resolution following K&L Gates' merger with Singaporean firm Straits Law Practice. Lian Yok Tan is a key figure and works on power,  infrastructure, mining, and oil and gas projects. M Rajaram joined through the merger and is an expert in disputes and banking and finance work.

Practice head(s):

Lian Yok Tan 

Other key lawyers:

M Rajaram

Key clients

Antam Tbk

Work highlights

  • Avising Antam, Indonesia’s leading metals and mining company, on its proposed sale of shares in a chemical grade alumina plant in Indonesia

King & Spalding LLP

Energy and infrastructure projects have long been a mainstay of King & Spalding LLP. Merrick White leads the team and has advised both sponsors and lenders on major oil and gas, LNG and petrochemical projects. Richard Nelson is also a key figure and has a strong background in advising on oil and gas projects. The team also has additional expertise in the corporate and M&A space, which is primarily handled by Simon Cowled.

Practice head(s):

Merrick White 

Other key lawyers:

Richard Nelson; Simon Cowled


‘The King & Spalding team is highly experienced in Indonesian upstream contract law, which is hard to beat.’

‘Merrick White has in-depth technical, commercial and legal knowledge of the assignment in Indonesia, which makes him an invaluable asset to the project team.’

Key clients

Paiton Energy

Mitsui & Co., Ltd.

Minejesa Capital BV

Ophir Energy

Baravia Oil

Conrad Petroleum

Coro Energy

Work highlights

  • Advised Ophir Energy plc on its acquisition of Santos’ Indonesian upstream production assets.
  • Advised MUFG in relation to two new facilities, in an aggregate amount of $100m, for PT Bukit Makmur Mandiri Utama, the second-largest mining services company in Indonesia.
  • Advised Citi in relation to the structuring and implementation of a consent solicitation and refinancing exercise for PT Charoen Pokphand Indonesia TBK (CPIN), Indonesia’s largest poultry processing company
  • Advising Conrad Petroleum on the sale of a 15% participating interest in the Duyung Production Sharing Contract.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP handles corporate and M&A work in Indonesia via its Singapore and Hong Kong offices. Working from Singapore is Rajeev Duggal, who is an expert in both debt and equity capital markets, as well as in mergers and acquisitions. Hong Kong-based Jonathan Stone focuses on corporate finance and private equity transactions.

Practice head(s):

Rajeev Duggal; Jonathan Stone

Work highlights

  • Advised Grab on its joint venture relating to e-wallet Ovo with Tokopedia and Lippo in additional to a subsequent transfer of shares among existing shareholders.
  • Advised Citigroup on the sale of the customer portfolio of its merchant acquiring business in 11 Asia Pacific markets to Wirecard AG (Germany).
  • Advised PT Medikaloka Hermina Tbk, the owner and operator of one of the largest private hospital networks in Indonesia, on its IDR1,300bn IPO and listing on the Indonesian Stock Exchange.
  • Advised PT Medco Energi Internasional Tbk on its $650m high-yield offering of 7.375% senior notes due 2026, issued by its subsidiary, Medco Oak Tree Pte Ltd.
  • Advised PT Medco Energi Internasional Tbk in connection with the bridge facility portion of the financing for its $500m acquisition of Ophir Energy Plc, a UK-based and listed oil and gas exploration company operating in Asia.