KKR to acquire Cisternina Logistics, plans to build pan-India liquid storage and logistics platform

MUMBAI: The global private equity firm KKR will make a majority investment in Cisternina Logistics Private Limited, a bulk liquid and gas storage and logistics business in India, the fund announced on Tuesday.

The investment will support Cisternina’s proposed acquisition of the liquid storage terminal and rail business of Ganesh Benzoplast Limited (GBL), which will serve as the platform’s anchor asset, as well as its expansion through further acquisitions and the development of new storage infrastructure across India, it said.

Established in 2024, Cisternina will serve customers as an integrated platform across the energy, chemicals, bulk liquids and edible-oil sectors in India.


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GBL's liquid storage terminal business operates one of the leading privately owned tank farms, established at the Jawaharlal Nehru Port in the early 1990s, and today has a portfolio of approximately 500,000 KL of operating and under-construction storage capacity across strategic ports like JNPT, Cochin and Goa.

With KKR’s investment and infrastructure expertise, Cisternina plans to scale through acquisitions, brownfield expansion and greenfield development, while investing in management capabilities, governance, operating systems and safety standards, it added.

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.”

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Amit Saboo, Founder and Managing Director of Cisternina Logistics, said, “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.”

KKR is making the investment through its Asia Pacific infrastructure strategy.

India's coastal infrastructure handles approximately 95% of the country's external trade by volume, while demand across key bulk-liquid categories is expected to grow steadily over the next decade, creating longterm demand for liquid storage and logistics infrastructure. The market remains fragmented, with relatively few scaled, professionally managed, multi-location operators, added the statement.