INDIA —Ganesh Benzoplast Limited has entered into binding agreements to divest its liquid storage tank business and rail logistics operations to Cisternina Logistics Private Limited for an aggregate consideration of INR 11.54 billion. Under the slump sale structure, the transaction encompasses liquid storage terminals located at Jawaharlal Nehru Port, Goa Port, and Cochin Port, alongside the transfer of ownership in ILSL Rail Logistics Private Limited, which operates rail transport infrastructure at Daund. Cisternina Logistics, a specialized bulk liquid and gas distribution platform, is set to receive a controlling equity investment from funds advised by private equity firm KKR. Closing remains subject to customary regulatory approvals and shareholder consent, with execution planned across multiple tranches over an 18 to 24-month horizon.
Ganesh Benzoplast Limited is an Indian bulk liquid storage provider and specialty chemicals manufacturer headquartered in Mumbai. Listed on the BSE and NSE, the company operates approximately 500,000 kiloliters of static storage capacity across major maritime ports while producing food preservatives, lube oil additives, and offering engineering, procurement, and construction services.
This strategic realignment enables Ganesh Benzoplast to transition into an asset-light model focused on high-margin chemical manufacturing, product trading, and specialized engineering services. Proceeds from the divestment will fund capacity additions in specialty chemicals, food preservatives, and lubricant additives. Additionally, the company secured an engineering, procurement, and construction contract valued at approximately INR 2.8 billion from Cisternina Logistics to construct expanding tankage and pipeline infrastructure at Jawaharlal Nehru Port over the next two years. Management is also evaluating capital allocation options, including potential share buybacks, to enhance shareholder value.
The transaction highlights growing private equity interest in India's critical logistics, port infrastructure, and supply chain assets. KKR's strategic entry into domestic liquid and gas handling capacity reflects rising demand for modernized bulk distribution platforms supporting India's expanding industrial and chemical sectors. For the broader chemical and logistics industries, the deal underlines an increasing division of labor between infrastructure asset ownership and downstream product manufacturing.
