KKR Takes Majority Stake in Cisternina to Consolidate India’s…

Event summary

KKR will take a majority stake in Cisternina Logistics, a bulk liquid and gas storage and logistics business in India.
The investment will support Cisternina’s acquisition of GBL’s liquid storage terminal and rail business, which operates ~500,000 KL of storage capacity across key Indian ports.
Cisternina aims to build a pan-India platform with ~1.5 million KL of static tank capacity through acquisitions and greenfield developments.
KKR is investing through its Asia Pacific infrastructure strategy, leveraging its experience in scaling Indian infrastructure platforms.

The big picture

KKR’s investment in Cisternina targets India’s fragmented liquid storage market, where demand is growing due to increasing coastal trade and bulk-liquid categories. The deal aligns with KKR’s strategy of building scalable infrastructure platforms in high-growth sectors. With India handling 95% of its external trade by volume through coastal infrastructure, the market presents long-term opportunities for consolidation and professional management.

What we're watching

Consolidation Pace: Whether KKR can execute further acquisitions to rapidly scale Cisternina’s footprint across India’s key ports.
Regulatory Approvals: The timeline for securing regulatory approvals for the GBL acquisition and future deals.
Operational Integration: How effectively Cisternina can integrate GBL’s assets and expand storage capacity while maintaining safety and governance standards.