Global private equity firm KKR has completed the signing of definitive agreements with Ganesh Benzoplast Limited (GBL) for the sale of its liquid storage tank business and railway network operations. According to the latest announcement, the aggregate consideration for the transaction is ₹1,154 crore, with the deal structured on a slump sale basis. The transaction involves GBL selling its liquid storage terminal business at terminals located at the Jawaharlal Nehru Port (JNP), Goa Port and Cochin Port, along with its shareholding in ILSL Rail Logistics Private Limited, which operates the rail logistics business in Daund. The definitive documents were executed on September 29, 2026, with completion subject to necessary regulatory and shareholders' approvals and expected to occur in tranches over the next 18-24 months.
Global private equity firm KKR has announced a majority investment in Cisternina Logistics Private Limited, a bulk liquid and gas storage and logistics business in India, as an anchor asset for a platform it plans to build. According to reports from CNBC TV18, an entity owned by funds and vehicles managed and advised by KKR has entered into definitive documents to invest in CLPL. The investment will support Cisternina's proposed acquisition of GBL's liquid storage terminal and rail business. The deal involves GBL selling its two businesses to Cisternina for ₹1,154 crore ($120 million), as reported by Mint, with the transaction subject to customary closing conditions and regulatory approvals.
The liquid storage tank business contributed ₹161.65 crore or 39.29% of GBL's consolidated revenue in FY26, with a net worth of ₹257.79 crore or 41.72%. The rail logistics business contributed ₹27.67 crore or 6.73% of consolidated revenue, with a net worth of ₹19.63 crore or 3.18% during FY26. As part of the transaction, CLPL has entered into definitive documents to engage GBL for engineering, procurement and construction (EPC) work related to expansion and construction of pipelines and tanks at the JNP facility. The EPC services are expected to generate additional revenue of approximately ₹240 crore, excluding taxes, for GBL over the next 18-24 months, as reported by CNBC TV18.
As reported by The Economic Times, the investment will support Cisternina's expansion through further inorganic plans and the development of new storage infrastructure across India. Ravi Thanvi, Director, Real Assets, KKR India, stated that the firm has significant experience building and scaling infrastructure platforms in India, combining long-term capital with operational expertise. KKR sees an opportunity to apply this platform-building approach to India's liquid and gas logistics sector, with Cisternina well-positioned to build a leading national platform. The company has signed memoranda of understanding with the Chennai, Goa and Cochin ports to develop storage terminals and aims to build about 1.5 million KL of static tank capacity, plus gas distribution networks through acquisitions and greenfield and brownfield projects.
Shares of Ganesh Benzoplast Ltd ended at ₹137.00, down by ₹0.050 or 0.036% on the BSE following the announcement, but fell as much as 5% on Wednesday, September 30 after the company announced the definitive agreements. According to CNBC TV18, GBL's management stated that the sale is intended to unlock value for the company's stakeholders. Rishi Pilani, Chairman and Managing Director of GBL, said "GBL has built a strong liquid storage and logistics business over several decades, and we believe Cisternina and KKR are well positioned to support its next phase of growth." The company plans to use the sale proceeds to expand its capacity for manufacturing chemicals, food preservatives and lube oil additives, chemical trading and higher-value EPC projects, while also considering corporate actions including a buyback in accordance with applicable regulatory provisions.
