Aegis Logistics will acquire an 89.8 per cent stake in Dubai-based Tristar Holdings for $809 million, or around ₹7,700 crore, in a deal that will expand the Mumbai-based company’s operations across international energy logistics. The transaction was announced through a regulatory filing on Tuesday and is expected to be completed in the fourth quarter of FY27.
The acquisition will be carried out through Aegis Logistics International Pte Ltd, a wholly owned step-down subsidiary of Aegis. The consideration includes contingent payments and interest on deferred consideration, according to the filing.
Tristar is an integrated liquid logistics provider with operations in more than 30 countries. Its services include maritime logistics, road transportation, fuel storage and distribution, and aviation fuelling. These activities place the company across several parts of the energy supply chain, from moving liquid fuels to storing and distributing them for industrial, transport and aviation customers.
For the calendar year ended December 2025, Tristar reported consolidated revenue of $1.4 billion, earnings before interest, tax, depreciation and amortisation of $257 million, and net profit of $82 million. Aegis said the acquisition is expected to contribute to its profitability immediately.
The deal represents a significant change in Aegis Logistics’ geographic profile. Incorporated in 1956, the company has historically operated as an Indian storage and distribution business focused on oil, gas and chemicals. The proposed acquisition will give it access to Tristar’s established customer base and industry partners across its international operating network.
“The acquisition of Tristar will kick-off Aegis’ transformation from a domestically focused operator into an international energy logistics platform with significant global reach and expanded service offerings,” Raj Chandaria, chairman and managing director of Aegis Logistics, said.
Chandaria added that combining the two businesses was expected to unlock synergies across their operations. Aegis also said the transaction would support business and geographical diversification, while broadening the services available through the combined group.
The transaction links two different parts of the energy logistics system. Aegis brings its Indian storage and distribution operations, while Tristar contributes maritime movement, road transport, fuel storage, distribution and aviation fuelling capabilities across more than 30 countries. The businesses will therefore operate across both physical infrastructure and transport networks used to move energy products between suppliers, storage facilities and end users.
Aegis did not disclose further details in the supplied announcement on the specific assets, facilities or markets that will be integrated after completion. The company said the acquisition is scheduled to close in the fourth quarter of FY27, subject to the transaction process and applicable requirements.
