Aegis Logistics has signed an agreement to acquire an 89.8 per cent stake in Dubai-based Tristar Holdings for $809 million, or around ₹7,700 crore, in a move that will expand the Mumbai-based company’s energy logistics operations across international markets.
The acquisition will be made through Aegis Logistics International Pte Ltd, a wholly owned step-down subsidiary. Aegis disclosed the agreement and its financial terms in a regulatory filing on Tuesday, stating that the consideration includes contingent payments and interest on deferred consideration.
Tristar is an integrated liquid logistics provider with operations in more than 30 countries. Its activities include maritime logistics, road transportation, fuel storage and distribution, and aviation fuelling services. The company was established in 1998 and serves customers across multiple parts of the energy logistics chain.
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 transaction will give Aegis access to Tristar’s established customer base and industry partners, while combining the companies’ operations across their respective markets. Aegis said the deal would also create opportunities for business and geographical diversification.
“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 in the company’s statement.
Aegis, incorporated in 1956, operates in the storage and distribution of oil, gas and chemicals. The Tristar transaction represents a significant expansion of that business beyond its existing domestic focus, adding international capabilities in transport, storage, maritime services and aviation fuelling.
The acquisition is expected to be completed in the fourth quarter of financial year 2026-27, subject to the applicable transaction process and conditions. Until completion, Aegis and Tristar will continue to operate as separate businesses.
