Milbank LLP advised Rich Stream Investment Pte Ltd. ("Rich Stream"), an affiliate of the Salim Group, Indonesia's leading conglomerate, in connection with the formation of a joint venture with Eastroc Beverage Group ("Eastroc"), a leading Chinese beverage producer listed on the Shanghai Stock Exchange. Under the shareholders agreement signed on January 30, 2026, Rich Stream and Eastroc will jointly invest in Pt Eastroc Vitamin Energy Indonesia, a joint venture that will establish a production base and sell beverages in Indonesia. The total investment in the project is expected to reach US$300 million.
The Salim Group is one of Southeast Asia's most influential multinational conglomerates, with operations in the food, energy and real estate sectors spanning Indonesia, China, Thailand, the Philippines and other Southeast Asian countries, as well as Australia, North America and Europe. Eastroc is a leading beverage producer in China, offering a wide range of products including the well-known brand "Eastroc Energy Drink," and has ranked first in sales volume in China's energy drink market for four consecutive years.
“We're proud to support Rich Stream on this complex, cross-border joint venture with Eastroc, bringing together two industry leaders to tap into Indonesia's growing consumer market," said James Grandolfo, Corporate Finance and Securities partner and managing partner of Milbank (Hong Kong) LLP. "This joint venture marks a significant step in Eastroc's international expansion and demonstrates the Salim Group's continued commitment to strategic partnerships across Southeast Asia."
The Hong Kong-based Milbank team was led by partner James Grandolfo and Corporate partner Andrew Whan, with associate Ben Hewett.
