PT Danantara Asset Management (DAM) reaffirmed its commitment to accelerating the transformation of national flag carrier Garuda Indonesia, emphasizing that the company’s support goes beyond a Rp23.67 trillion (US$1.4 billion) capital injection.

Two expatriate executives ‒ Balagopal Kunduvara, Garuda’s Director of Finance and Risk Management, and Neil Raymond Mills, Director of Transformation ‒ have been tasked not only with executing the airline’s restructuring roadmap but also with grooming a new generation of internal leaders.

PT Danantara Asset Management (DAM) is a unit of State investment management agency BPI Danantara that State-owned Enterprises (SOEs) to improve their performance.

DAM Managing Director Febriany Eddy said the experience of both executives in global aviation is crucial in strengthening Garuda’s long-term recovery.

“Bala and Neil were told from the start: you’re not here forever. Besides helping with the transformation, you must coach internal talent so they can rise,” Febriany said during Media Coffee Morning at Wisma Danantara on Friday, November 14, 2025.

Danantara has identified four Garuda Indonesia executives as potential future leaders of the airline ‒ Director of Engineering Mukhtaris, Director of Operations Dani Haikal, Director of Human Capital & Corporate Services EksitarinoIrianto, and Director of Commercial Reza Aulia Hakim.

“These four are original, organic talents from Garuda, and they are still young,” Febriany said.

Although each has spent their entire career inside the national airline, Danantara views their lack of external industry exposure as a development gap one the two expatriates are expected to address through intensive coaching.

“Our hope is that young leaders from within Garuda Group will be ready to lead in the near future,” she added.

Febriany also clarified reports suggesting Danantara had reduced its capital commitment to Garuda, after the investment was revised from the initially planned Rp30 trillion to Rp23.67 trillion.

“Nothing was reduced. Danantara fully supports Garuda,” she stressed.

She emphasized that the commitment entails not only capital participation but also firm oversight. Danantara will be directly involved in critical decision-making processes to ensure Garuda’s transformation remains on track.

“This full commitment is not freelance, not free. We will monitor it down to the operational level,” she said.

As part of the oversight mechanism, Danantara Indonesia Chief Operating Officer Dony Oskaria will lead several regular meetings at Garuda Indonesia to synchronize improvement initiatives with the investor’s directives.

“We will work closely with Garuda’s directors and leadership. Pak Dony himself said, ‘I’ll directly lead several meetings let’s make them regular’,” Febriany noted.

The intensified communication between Danantara and Garuda, she said, will help both sides respond more swiftly to emerging issues.

“Collaboration is now very intensive. If anything happens, we immediately know and can help fix it,” she added.

Breakdown of capital injection

Garuda Indonesia previously approved the Rp23.67 trillion investment through a private placement (PMTHMETD), consisting of Rp17.02 trillion in cash injection and Rp6.65 trillion in debt conversion.

The funds will be allocated toward strengthening the airline’s capital structure, restoring operations, and accelerating the transformation of Garuda Indonesia Group, including low-cost subsidiary Citilink.