KKR announced the signing of definitive agreements under which funds managed by KKR will make a majority investment in Cisternina Logistics Private Limited, a bulk liquid and gas storage and logistics business in India. 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.
Established in 2024, Cisternina will serve customers as an integrated platform across the energy, chemicals, bulk liquids and edible-oil sectors in India. GBL’s liquid storage terminal business operates one of India’s leading privately owned tank farms, established at the Jawaharlal Nehru Port (“JNP”) 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.
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 long-term demand for liquid storage and logistics infrastructure. The market remains fragmented, with relatively few scaled, professionally managed, multi-location operators. 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.
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. With an experienced founding team and GBL’s liquid storage terminal business as its anchor asset, Cisternina is well positioned to build a leading national platform. We look forward to working closely with Amit, Kartik and Puneet to realize that ambition.”
Amit Saboo, Founder and Managing Director of Cisternina Logistics, said, “We founded Cisternina to build an integrated liquid and gas storage and logistics platform that delivers high-quality, reliable solutions to customers across India. 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 is a key market for KKR’s infrastructure business, with experience spanning logistics, transportation, renewable energy and power transmission. KKR’s infrastructure investments in India include Serentica Renewables, a decarbonization platform; Hero Future Energies, a renewable energy platform; LEAP India, a pallet pooling and supply chain solutions platform; Allfleet, an electric public mobility platform; Vertis Infrastructure Trust and NHIT, both roads infrastructure investment trusts; and IndiGrid, a power transmission infrastructure investment trust.
Cisternina Logistics is an integrated logistics company focused on the bulk liquid and gas sectors. Cisternina’s core product segments include bulk chemicals, edible oils, natural gas (LNG and CNG) and LPG. The Company is building, through a combination of greenfield and brownfield developments and acquisitions, a network of ~1.5 million KL of static tank capacity, alongside gas distribution networks across India. Cisternina has signed MoU’s with Chennai Port, Goa Port and Cochin Port to develop liquid & gas storage terminals. Cisternina was founded by infrastructure veterans Amit Saboo, Kartik Deuskar and Puneet Kedia. The founders have worked with global private equity firms and marquee Indian Infrastructure companies for developing and managing complex infrastructure projects across India and Africa, including distressed and turnaround assets.
India’s rapidly expanding economy, growing industrial base, and increasing participation in global trade are driving strong demand for liquid storage and logistics platform infrastructure. Liquid commodities such as petroleum products, chemicals, petrochemicals, edible oils, pharmaceuticals, specialty chemicals, and other industrial liquids require safe, reliable, and strategically located storage and transportation facilities. As production and consumption increase across these sectors, the availability of efficient liquid storage and logistics infrastructure is becoming increasingly important to India’s industrial and supply-chain ecosystem.
One of the primary factors contributing to this demand is the expansion of India’s oil, gas, chemical, and petrochemical industries. India is one of the world’s major consumers of petroleum products, while its chemical and petrochemical sectors continue to expand to meet domestic and export demand. This growth requires substantial storage capacity at ports, refineries, manufacturing clusters, and distribution centres. Liquid storage terminals provide an important link between producers, importers, manufacturers, distributors, and end-users by enabling products to be stored safely and moved efficiently according to market requirements.
India’s growing international trade is another important driver. A significant proportion of liquid commodities entering or leaving the country is transported through ports, making port-based storage and logistics infrastructure strategically important. Modern liquid terminals can facilitate the efficient unloading of bulk liquid cargo from vessels, storage in dedicated tanks, blending and processing where required, and subsequent movement through road, rail, or pipeline networks. The development of integrated logistics platforms near major ports and industrial corridors can therefore reduce transportation time, improve supply-chain efficiency, and support the movement of larger volumes of liquid cargo.
The increasing complexity of supply chains is also encouraging businesses to rely more heavily on third-party storage and logistics providers. Instead of investing entirely in their own storage facilities, manufacturers and traders can use shared infrastructure that provides greater flexibility in managing inventory and responding to changes in demand. This asset-light approach can be particularly valuable for companies entering new markets or handling products with fluctuating volumes. As a result, professionally managed liquid storage platforms are becoming an increasingly important component of industrial logistics.
Another significant trend is the growing need for specialized storage facilities. Different liquid products have different requirements relating to temperature, pressure, material compatibility, segregation, safety, and environmental protection. Chemicals and specialty liquids, for example, may require dedicated tanks and sophisticated handling systems, while food-grade liquids may require stringent hygiene and quality controls. The increasing production and movement of such specialized products is creating demand for modern terminals capable of handling diverse categories of liquid cargo safely and efficiently.
The growth of manufacturing and industrial clusters across India is further supporting the development of liquid logistics infrastructure. Industrial corridors, chemical parks, refineries, petrochemical complexes, pharmaceutical hubs, and food-processing clusters generate concentrated demand for bulk liquid storage. Locating storage facilities close to these consumption and production centres can reduce transportation distances and improve the reliability of raw-material and finished-product supply. Connectivity with highways, railways, pipelines, and ports further enhances the commercial value of such logistics platforms.
Technology and sustainability are also transforming the liquid storage sector. Modern facilities increasingly incorporate automated tank monitoring, digital inventory management, remote surveillance, advanced fire-protection systems, leak detection, and data-driven operational controls. These technologies can improve safety, inventory visibility, and operational efficiency. At the same time, increasing attention to environmental standards is encouraging operators to adopt measures that reduce emissions, prevent spills, conserve energy, and improve the overall environmental performance of storage facilities.
The energy transition is likely to create additional opportunities for liquid logistics infrastructure. India’s growing interest in biofuels, renewable fuels, and other emerging energy products will require appropriate storage and distribution systems. Existing liquid terminals may also need to adapt their infrastructure to accommodate new products and changing supply chains. Consequently, the future demand for liquid storage is likely to extend beyond conventional petroleum products and chemicals toward a broader range of energy, industrial, and consumer liquids.
The growing demand for liquid storage and logistics platform infrastructure in India is being driven by industrial expansion, increasing trade, supply-chain modernization, specialized storage requirements, infrastructure development, and the evolution of the energy sector. The sector is gradually moving beyond conventional tank storage toward integrated platforms offering storage, handling, blending, distribution, and multimodal connectivity. As India continues to strengthen its manufacturing and logistics capabilities, strategically located and technologically advanced liquid storage infrastructure is likely to become an increasingly important part of the country’s industrial supply chain.
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