Jakarta, May 23 -- President Prabowo Subianto has approved the Chinese consortium Huayou to succeed South Korea's LG in the US$9.8 billion integrated electric vehicle (EV) battery factory development project in Indonesia.

"The president has approved the inclusion of the Huayou consortium, and we are ready for the groundbreaking," Energy and Mineral Resources Minister Bahlil Lahadalia announced after a closed-door meeting with the president at the Presidential Palace on Thursday.

He stated that Indonesian state-owned enterprises hold a 51 percent majority stake in the upstreaming section of the integrated EV battery factory project, known as "Project Titan."

Meanwhile, the government aims to increase its stake in the downstreaming secti...