- **Kesar Terminals & Infrastructure Ltd is fundamentally a landlord for liquids - it rents out storage tanks at India’s busiest port to companies that need a place to hold petroleum, chemicals, and edible oils between ship and factory. The business was carved out of Kesar Enterprises Limited in 2010, inheriting a storage division that had been transferred as a going concern with effect from 1st January 2009. Everything the company does rests on a single recurring logic: own the tanks and the pipeline connections at a port where customers have no choice but to store their cargo, and collect rent on every tonne that passes through.** # Business segments A single engine - a bulk liquid storage landlord at Kandla port - whose economics depend entirely on the leasehold land beneath its tanks and the throughput its customers ship. ## 1. Bulk liquid storage: renting tanks at the port gate **The company owns and operates two tank terminals at Kandla port, earning revenue by renting storage space and charging for the handling of liquid cargo as it moves between ship and shore.** - **Tank rental, not trading** - the company does not buy or sell the liquids it stores; it earns its income from storage and warehousing services, recognised over the time the customer uses the tanks, with the price measured at the fair value of what it receives. - **Throughput is the pulse** - the terminals moved 0.48 million metric tonnes of liquid cargo in FY25, reflecting the volume of customer activity that drives the company’s fees. - **Location is the product** - Terminal No. I sits directly in front of the jetties, with multiple pipeline connections that let more than one vessel discharge cargo at the same time, giving customers a speed advantage that a terminal further inland cannot match. - **The land beneath is not owned** - both terminals sit on leasehold land from Deendayal Port Trust, and those leases have expired; renewal is now being fought in the Supreme Court, making the outcome “very crucial to keep the business continuity at Kandla”. - **A consolidating competitor looms** - a consortium called AVTL has combined the terminals of Aegis, Vopak and Friends into a single block of roughly 0.8 million tonnes of tankage across 240 tanks at Kandla, giving it the scale to dominate the market and shift customer preferences. # Group structure and partners **The company is tied by history and balance sheet to its former parent, Kesar Enterprises Limited, while its only subsidiary was sold in 2025, leaving it as a standalone entity with no remaining subsidiaries.** - **A parent that is now a borrower** - Kesar Enterprises Limited, the sugar and ethanol producer from which the storage business was demerged, holds a 4.42% stake and has taken inter-corporate loans from the company totalling ₹25.3 crore, on which it has defaulted on interest payments. - **The subsidiary is gone** - Kesar Multimodal Logistics Ltd, which ran a rail-linked logistics hub in Madhya Pradesh, was sold to a DP World joint venture in September 2025, extinguishing the company’s corporate guarantee liabilities and freeing it from a subsidiary whose net worth had been fully eroded.