KKR is acquiring a majority stake in Indian bulk liquid and gas storage platform Cisternina Logistics, backing the firm’s inaugural acquisition of assets from Ganesh Benzoplast Limited (GBL) for INR1,154 crore (€124m).
The transaction, made via KKR’s Asia-Pacific infrastructure strategy, will fund Cisternina’s purchase of GBL’s liquid storage tank terminals across Jawaharlal Nehru Port, Goa Port and Cochin Port. The deal also includes GBL’s shareholding in ILSL Rail Logistics, which operates a rail logistics business in Daund.
The acquired assets will serve as the anchor platform for Cisternina, which was established in 2024 to build a pan-India liquid and gas logistics provider. Cisternina plans to expand further through additional acquisitions, brownfield developments and greenfield storage projects across the country.
Ravi Thanvi, director, real assets, KKR India, said: “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.”
Amit Saboo, founder and managing director of Cisternina Logistics, said: “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.”
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