State-owned PT Semen Indonesia, the country’s biggest cement producer, has reached a multimillion dollar deal to establish a strategic partnership in expanding its market reach worldwide.

Under the deal, Japanese cement producer Taiheiyo Cement Corporation is to invest US$220 million for a 15.04 percent stake in Semen Indonesia subsidiary, publicly listed PT Solusi Bangun Indonesia (SBI), through a rights issue.

Semen Indonesia finance director Fadjar Judisiawan said the investment and partnership would help the company develop its products and expand its market reach to Africa, Australia and China.

“We are exploring opportunities in other countries,” he said at a press briefing on Wednesday as reported by Kontan.co.id.