Indira Setyowati


Ms. Indira Setyowati graduated with a cum laude honor from Universitas Gadjah Mada. She has vast experience and extensive knowledge in the areas of capital markets (including bond issuance) and multi-finance.

Indira Setyowati graduated cum laude from Universitas Gadjah Mada. During her university years, she participated in the Foreign Direct Investment Arbitration Moot, where she managed to lead the team to secure 3rd Place in the Asia Pacific Oral Rounds, allowing her team to proceed to the Global Oral Rounds in Frankfurt am Main, Germany. In addition, she also actively participated in various organizations, including the Asian Law Students’ Association (ALSA).

Prior to joining Walalangi & Partners, she was with one of the most prestigious law firms in Indonesia, where she assisted multiple prominent capital market transactions, including the issuance of IDR 4 trillion Bonds by a state-owned company offered in London and Singapore Stock Exchanges.

At Walalangi & Partners, she has been successfully assisting and advising clients in the following prestigious deals:

  • Counsel to one of the leading logistics companies in Japan, in the restructuring of its Indonesian subsidiaries to maximize the synergy effects within its group and to optimize its position in Indonesian market. The Client provides services both domestically and globally and is listed as a large-sized company on the First Section of the Tokyo Exchange. As of 2020, it operates through its 325 offices in Japan and 436 offices in 29 countries across the Americas, Europe, East Asia, and the Asia-Pacific region.
  • Counsel to Tokyo Gas Asia Pte. Ltd in the acquisition PT Super Energy Tbk (SE), a publicly-listed Indonesian company, PT Energy Mina Abadi, and PT Gasuma Federal Indonesia and PT Bahtera Abadi Gas. SE company group is one of the most productive Indonesian gas distribution group companies, which is expanding its gas projects throughout Java, with a target of gas feed production of 12 MMSCFD in 2020. SE company group refines and compresses unutilized gas such as associated gas produced from oil wells and natural gas from small-scale gas fields and supplies the gas in the form of compressed natural gas (CNG) to industrial customers. SE Group’s plans to pursue reductions of CO2 emissions in the country by increasing utilization of unused gas and encouraging industrial customers to switch from liquid fossil fuels with high CO2 emissions to natural gas are consistent with Tokyo Gas Group’s management strong vision of “Compass 2030”, which envisages the expansion and diversification of its global businesses and the realization of a net zero CO2 emission society. This is the fifth global investment of Tokyo Gas, and it reflects Tokyo Gas’ confidence in the stable economic growth of Indonesia and high expectation of Indonesia’s demand for energy in the long run, as the world’s fourth most populous country.
  • Counsel to major Japanese consumer credit supplier Orient Corp in the acquisition of a majority interest in an Indonesian finance company PT. Mizuho Balimor Finance from Mizuho Bank. Established in 1989, PT. Mizuho Balimor Finance has capital of 448 billion rupiah and receivables of around USD 190 million. The acquisition would allow Orient Corp to tap into the growing Indonesian car loan market, and will enable Orient Corp to expand its local arm’s business to used vehicles. This will be Orico’s third overseas arm following those in Thailand and the Philippines.
  • Advising Bizzy Group in its financing and internal restructuring of 9 e-commerce, logistics and distribution companies, involving acquisitions and capital reductions in various companies, including structuring of more than IDR 600 billion Mudharabah Financing to the acquirors.
  • Counsel to Hokkan Holdings Corporation (Hokkan), one of the largest Japanese bottling and packaging maker companies, in its 1,262 billion Indonesian Rupiah or approximately 9.5 billion yen acquisition of beverage package manufacturing business from 7 group companies of PT. Deltapack Industri (DPI group), which includes transfer and assignment of substantial DPI group’s moveable and immovable assets as well as business portfolios.
  • Assisting Oriente Group, including PT Oriente Mas Sejahtera, a P2P company, in the preparation of various products and  transactional documents.


  • Sinta Dwi Cestakarani/Andhika Indrapraja/Indira Setyowati, Fintech 2021, The International Comparative Legal Guide (ICLG), Global Legal Group, 2021.
  • Researcher for the preparation of publication Indonesian Financial Technology for International Comparative Legal Guide (ICLG) in 2019.
  • Researcher for the preparation of publication Indonesian Banking Regulation for Getting the Deal Through (GTDT) in 2019.
  • Researcher for the preparation of publication Indonesian Banking Regulation for Global Legal Insights (GLI) in 2019.