Ganesh Benzoplast Limited (GBL) has signed definitive agreements to sell its liquid storage tank business at Jawaharlal Nehru Port (JNP), Goa Port and Cochin Port, along with its shareholding in ILSL Rail Logistics Private Limited, which operates the railway logistics business at Daund, to Cisternina Logistics Private Limited (CLPL). The transaction has an aggregate consideration of ₹1,154 crore, subject to the terms of the agreements.
Cisternina is a bulk liquid and gas storage and logistics platform that will be majority-owned by funds managed and advised by KKR, a global investment firm. The proposed transaction is subject to the required regulatory and shareholder approvals and is expected to be completed in phases over the next 18 to 24 months.
The liquid storage tank business will be transferred on a slump sale basis. GBL’s railway logistics business is operated through ILSL Rail Logistics Private Limited, a wholly owned subsidiary of Infrastructure Logistics Systems Limited, which is itself a subsidiary of GBL.
The company plans to use the proceeds to expand its chemicals business, including manufacturing of speciality chemicals, food preservatives and lube oil additives. It will also increase its chemical trading activities and pursue higher-value engineering, procurement and construction (EPC) projects.
In addition to the sale agreements, CLPL has entered into definitive documents to engage GBL for EPC work involving the expansion and construction of pipelines and tanks at the JNP facility. The work is expected to generate additional revenue of approximately ₹280 crore, excluding taxes, for GBL over the next 18 to 24 months.
Rishi Pilani, Chairman and Managing Director of GBL, said the company had developed its liquid storage and logistics business over several decades. He said Cisternina and KKR were positioned to support its next phase of growth, while GBL’s management would focus on expanding chemical manufacturing and increasing the scale of its EPC operations. He also thanked shareholders for their continued support.
Ravi Pilani, President of GBL’s Chemical Manufacturing Division, said the company would focus on developing new Make in India opportunities, expanding its chemical product portfolio and growing its chemical trading business. Ganesh Benzoplast, headquartered in Mumbai and listed on the BSE and NSE, operates liquid storage terminals at JNP, Cochin and Goa, with a combined static storage capacity of approximately 500,000 kilolitres. The company also manufactures speciality chemicals, food preservatives and oil additives and provides EPC services. GBL will also consider measures to enhance shareholder value, including a buyback, subject to applicable regulatory provisions.
Cisternina was founded by infrastructure professionals Amit Saboo, Kartik Deuskar and Puneet Kedia. The company provides primary and secondary distribution solutions for liquid and gas logistics across India. KKR’s proposed majority investment is expected to support the platform’s development and expansion.
