KKR takes majority stake in India liquid storage firm Cisternina

KKR (NYSE: KKR) has signed definitive agreements to make a majority investment in Cisternina Logistics Private Limited, a bulk liquid and gas storage and logistics company in India, according to a press release from KKR.

The investment will be made through KKR's Asia Pacific infrastructure strategy. Financial terms were not disclosed.

The deal 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. GBL's liquid storage terminal business operates approximately 500,000 kiloliters of operating and under-construction storage capacity across ports including Jawaharlal Nehru Port, Cochin, and Goa.

Established in 2024, Cisternina serves customers across the energy, chemicals, bulk liquids, and edible-oil sectors. The company has signed memorandums of understanding with Chennai Port, Goa Port, and Cochin Port to develop liquid and gas storage terminals, and is targeting a network of approximately 1.5 million kiloliters of static tank capacity across India.

Ravi Thanvi, Director of Real Assets at KKR India, said the firm sees "an opportunity to apply this platform-building approach to India's liquid and gas logistics sector."

Amit Saboo, Founder and Managing Director of Cisternina Logistics, said the GBL acquisition "represents an important first step, providing us with an established operating base at strategic ports."

The transaction remains subject to customary closing conditions and regulatory approvals. KKR's existing infrastructure investments in India include Serentica Renewables, Hero Future Energies, LEAP India, Allfleet, Vertis Infrastructure Trust, NHIT, and IndiGrid.

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