KKR Plans to Take Controlling Stake in India's Cisternina and Advance INR 11.54 Billion Warehouse Asset Acquisition

en.Wedoany.com Reported - On September 29, KKR announced that its fund has signed a definitive agreement to make a majority equity investment in Cisternina Logistics Private Limited, an Indian bulk liquid and gas storage and logistics company. The investment will be made through KKR's Asia Pacific Infrastructure strategy and will support Cisternina's acquisition of the liquid storage terminal and rail logistics businesses of Ganesh Benzoplast Limited (GBL). KKR did not disclose the amount of the equity investment. The transaction remains subject to customary closing conditions and relevant regulatory approvals.

GBL disclosed on the same day that it plans to sell its liquid storage tank businesses at Jawaharlal Nehru Port, Goa Port, and Cochin Port, as well as the related interests in its rail logistics business, to Cisternina for a total consideration of INR 11.54 billion, subject to adjustment in accordance with the agreement. GBL's liquid storage assets currently have approximately 500,000 kiloliters of operational and under-construction storage capacity, covering major ports including JNPT, Cochin, and Goa.

The relevant assets mainly serve the port receiving, storage, and transshipment of petroleum products, petrochemical products, chemicals, and other bulk liquids. GBL's existing liquid storage tank facilities are connected to port berths via pipelines and also provide supporting services such as blending, rail inland transportation, and barge transport. Its rail logistics business connects port tanks with inland customer facilities through Infrastructure Logistic Systems and is building loading and unloading facilities at nodes including JNPT, Daund, and Nagpur.

Cisternina was established in 2024 and plans to use the acquired storage and rail assets as a platform foundation to expand its business to customers in energy, chemicals, bulk liquids, and edible oils. Its subsequent expansion path includes continuing to acquire existing assets, expanding existing facilities, and developing new liquid storage infrastructure.

KKR disclosed that approximately 95% of India's foreign trade volume is handled through coastal infrastructure. This investment corresponds to the building of a liquid and gas storage and logistics platform, with core assets covering port tanks, rail transshipment, and inland logistics connections.