Aegis Logistics to acquire 89.8% stake in Dubai-based Tristar for ₹7700 crore

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The acquisition will be undertaken through Aegis Logistics International Pte Ltd, the company’s wholly owned step-down subsidiary

By BL Ahmedabad Bureau

Updated - October 16, 2026 at 05:32 PM.

Aegis Logistics Ltd has signed a definitive agreement to acquire an 89.8 per cent stake in Dubai-based Tristar Holdings Ltd for an equity consideration of $809 million.

Mumbai-based Aegis Logistics Ltd has signed a definitive agreement to acquire an 89.8 per cent stake in Dubai-based Tristar Holdings Ltd for an equity consideration of $809 million (around ₹7,700 crore), marking a major step in its plans to expand beyond India and build an international energy logistics platform.

The acquisition will be undertaken through Aegis Logistics International Pte Ltd, the company’s wholly owned step-down subsidiary. The consideration includes contingent payments and interest on deferred consideration, Aegis said in a regulatory filing on Tuesday. Tristar is an integrated liquid logistics solutions provider with operations in more than 30 countries. Established in 1998, the company offers maritime logistics, road transportation, fuel storage and distribution, and aviation fuelling services.

For the calendar year ended December 2025, Tristar reported consolidated revenue of $1.4 billion, earnings before interest, tax, depreciation and amortisation (EBITDA) of $257 million and net profit of $82 million. The acquisition is expected to contribute to Aegis Logistics’ profitability immediately while providing opportunities for business and geographical diversification, the company said.

“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,” said Raj Chandaria, chairman and managing director of Aegis Logistics. The combination of the two businesses is expected to unlock synergies across their operations while giving Aegis access to Tristar’s established customer base and industry partners, he added.

The transaction is expected to be completed in the fourth quarter of FY27. Incorporated in 1956, Aegis Logistics is an Indian storage and distribution company operating in the oil, gas and chemicals sectors.

Published on October 14, 2026

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