Global investment firm KKR said it will make a majority investment in Indian bulk liquid and gas storage company Cisternina Logistics as part of its Asia Pacific infrastructure strategy.
The investment, KKR said, will support Cisternina’s proposed acquisition of Ganesh Benzoplast Ltd’s liquid storage terminal and rail business, which will serve as the platform’s anchor asset.
Financial terms of the investment were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals.
Cisternina, established in 2024, operates across the energy, chemicals, bulk liquids, and edible-oil sectors.
The company plans to expand through acquisitions, brownfield expansion and greenfield development of storage infrastructure across India.
The proposed acquisition of Ganesh Benzoplast’s liquid storage terminal business would give Cisternina a portfolio of about 500,000 kilolitres of operating and under-construction storage capacity across the Jawaharlal Nehru Port, Cochin, and Goa, according to the companies.
Cisternina plans to build a network of about 1.5 million kilolitres of static tank capacity, alongside gas distribution networks across India.
It has signed memorandums of understanding with Chennai Port, Goa Port, and Cochin Port to develop liquid and gas storage terminals.
Cisternina was founded by Amit Saboo, Kartik Deuskar, and Puneet Kedia, who have experience working with private equity firms and Indian infrastructure companies on infrastructure projects across India and Africa.
India’s coastal infrastructure handles about 95% of the country’s external trade by volume, while demand for bulk liquids is expected to grow over the next decade, KKR said.
The market remains fragmented, with relatively few scaled, multi-location operators, providing scope for Cisternina to consolidate the sector through acquisitions and new developments, KKR said.
“We see an opportunity to apply this platform-building approach to India’s liquid and gas logistics sector,” said Ravi Thanvi, director of real assets at KKR India.
KKR has invested in Indian infrastructure across logistics, transportation, renewable energy, and power transmission.
Its investments include pallet pooling company LEAP India, renewable energy platforms Serentica Renewables and Hero Future Energies, and infrastructure investment trusts Vertis Infrastructure Trust, NHIT, and IndiGrid.
KKR is in the market for its latest Asia fund, KKR Asia Fund V, which will target 20-30 investments across six key markets: Australia, Greater China, India, Japan, South Korea, and Southeast Asia, focusing on mid- to large-cap opportunities in the region. The firm is reportedly targeting $15 billion for the said vehicle.
KKR’s flagship Asia franchise has been actively signing deals this year, despite the ongoing macro volatility exacerbated by the geopolitical tensions in the Middle East.
