Theodore Permadi Rachmat
$1.52 billion — Theodore Permadi Rachmat was ranked as Marcopolis’ #7 most powerful business man in Indonesia.
Theodore Permadi Rachmat, also known as Teddy, the nephew of the late Astra International founder William Soeryadjaya. Teddy Rachmat started his career at Astra and in 1998 founded holding company Triputra Investindo Arya (TIA), which houses the family interests in agribusiness, coal mining, manufacturing, and motorcycle dealerships, among others. TIA is now keen on expanding into other sectors including food, water and electricity infra- structure.
The business tycoon was voted as Marcopolis’ #7 most powerful businessman in Indonesia.
The family’s wealth is rooted in the relationships Teddy Rachmat forged at Astra International. The Soeryadjaya family sold Astra to clear debts in 1992 but the families reunited to acquire Adaro Energy in 2005, in what was one of the landmark Indonesian deals of the last decade.
IDX-listed Adaro Energy is the main contributor to TIA’s revenue that hit IDR 37.4tn (USD 3.14bn) in 2015, up 7% from a year earlier. Its agribusiness and another investment holding company Daya Group, largely focused on the family’s motorcycle dealership business, are the group’s next biggest revenue generators. TIA has a target of IDR 42.1tn for 2016 and has allocated IDR 4tn for investment.