Investment will support Cisternina’s expansion, including its proposed acquisition of GBL’s liquid storage terminal business, which will serve as the platform’s anchor asset

KKR, a leading global investment firm, today announced the signing of definitive agreements under which funds managed by KKR will make a majority investment in Cisternina Logistics Private Limited (“Cisternina” or the “Company”), 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.

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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.

The transaction is subject to customary closing conditions and regulatory approvals. Financial terms of the investment have not been disclosed at this stage.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Cisternina

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.

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