KKR has signed definitive agreements to make a majority investment in Cisternina Logistics Private Limited, an Indian bulk liquid and gas storage and logistics company. Financial terms were not disclosed.
The investment will support Cisternina’s proposed acquisition of the liquid storage terminal and rail business of Ganesh Benzoplast Limited (GBL), which is expected to become the platform’s anchor asset. Cisternina also plans to expand through additional acquisitions and the development of new storage infrastructure throughout India.
Established in 2024, Cisternina is building an integrated platform serving the energy, chemicals, bulk liquids and edible-oil sectors. GBL’s liquid storage terminal business operates one of India’s leading privately owned tank farms and has approximately 500,000 kiloliters of operating and under-construction storage capacity across ports including JNPT, Cochin and Goa.
India’s coastal infrastructure handles approximately 95% of the country’s external trade by volume, while KKR and Cisternina see growing demand for liquid storage and logistics infrastructure. The company plans to pursue acquisitions, brownfield expansions and greenfield development while investing in management capabilities, governance, operating systems and safety standards.
KKR is making the investment through its Asia Pacific infrastructure strategy. Its existing infrastructure investments in India include Serentica Renewables, Hero Future Energies, LEAP India, Allfleet, Vertis Infrastructure Trust, NHIT and IndiGrid.
KEY QUOTES:
“At KKR, we have significant experience building and scaling infrastructure platforms in India, combining long-term capital with the operational expertise of strong management teams. We see an opportunity to apply this platform-building approach to India’s liquid and gas logistics sector. With an experienced founding team and GBL’s liquid storage terminal business as its anchor asset, Cisternina is well positioned to build a leading national platform. We look forward to working closely with Amit, Kartik and Puneet to realize that ambition.”
Ravi Thanvi, Director, Real Assets at KKR India
“We founded Cisternina to build an integrated liquid and gas storage and logistics platform that delivers high-quality, reliable solutions to customers across India. The acquisition of GBL’s liquid storage terminal business represents an important first step, providing us with an established operating base at strategic ports and a strong foundation for future growth. With KKR’s long-term capital, infrastructure and operational expertise, we look forward to investing in these assets, expanding our capabilities and building a differentiated platform for our customers.”
Amit Saboo, Founder and Managing Director of Cisternina Logistics
