US-based investment firm, KKR, has agreed to make a majority investment in Mumbai-primarily based Cisternina Logistics Pvt Ltd, a bulk liquid and gas storage and logistics business. The investment will support Cisternina’s proposed acquisition of the liquid storage terminal and rail business of Ganesh Benzoplast Ltd (GBL), which will serve as the platform’s anchor asset. It will also fund extra acquisitions and new storage infrastructure across India.
Established in 2024, Cisternina plans to serve the energy, chemicals, bulk liquids and edible-oil sectors as an incorporated platform. It was founded by Mr. Amit Saboo, Mr. Kartik Deuskar and Mr. Puneet Kedia. Its core segments are bulk chemicals, edible oils, natural gas (LNG and CNG) and LPG. It is building a network of about 1.5-million-KL of static tank capability, alongside gas distribution networks. It has signed MoUs with the Chennai, Goa and Cochin ports to develop liquid and gas storage terminals.
GBL’s terminal business works as one of India’s leading privately owned tank farms, established at Jawaharlal Nehru Port in the early 1990’s. It now has around 500,000-KL of operating and under-construction capacity throughout JNPT, Cochin and Goa.
KKR stated India’s coastal infrastructure manages approximately 95% of the nation’s external trade by volume, and that the buk-liquid storage market stays fragmented, with few scaled, professionally managed, multi-location operators. Cisternina plans to develop via acquisitions, brownfield expansion and greenfield development, while investing in management management, governance, operating systems and safety standards.
“We see an opportunity to apply this platform-constructing strategy to India’s liquid and gas logistics sector,” stated Mr. Ravi Thanvi, director, real assets, KKR India. He mention that the firm would work carefully with the founders to build a leading national platform.
Mr. Saboo mention that the GBL acquisition is an important first step, giving Cisternina an established base at strategic ports.
KKR is making the investment through its Asia Pacific infrastructure approach. Its existing Indian infrastructure investments consist of Serentica Renewables, Hero Future Energies, LEAP India, Allfleet, Vertis Infrastructure Trust, NHIT and IndiGrid. Financial terms were not disclosed in KKR’s declaration.
Mumbai-headquartered GBL makes specialty chemicals, food preservatives and lubricant additives at two factories at MIDC Tarapur, Maharashtra. As per the company’s stock-exchange disclosure, its wide approved a slump sale of the liquid storage terminal and rail logistics undertakings to Cisternina for an aggregate Rs. 1,154-crore, subject to shareholder and regulatory approvals. The terminals are at JNPT, Cochin and Goa.
