Mumbai-based Aegis Logistics has made its biggest bet yet on growth outside India. The company has signed a definitive agreement to buy a stake of nearly 90% in Dubai-based Tristar Holdings, an energy logistics group with operations in more than 30 countries, for an equity consideration of $809 million, or about ₹7,700 crore.
Announced in a stock exchange filing on Tuesday, October 13, 2026, the deal would turn a company best known for handling liquefied petroleum gas (LPG) and bulk liquids at Indian ports into an international player spanning shipping, fuel storage, road transport and aviation fuelling. The deal still needs regulatory approvals and is expected to close in the fourth quarter of FY27, the January to March 2027 period.
The deal in numbers
According to Aegis's filing, as reported by The Hindu BusinessLine and CNBC-TV18:
- Buyer: Aegis Logistics International Pte Ltd, a wholly owned step-down subsidiary of Aegis Logistics.
- Stake: about 90% of Tristar Holdings (BusinessLine reported 89.8%; CNBC-TV18 reported 89.9%).
- Equity consideration: $809 million, which includes contingent payments and interest on deferred consideration.
- Sellers: Agility Tristar Holdings, Gulf Investment Corporation and Diamond Holdings, according to CNBC-TV18.
- Timeline: completion expected in Q4 FY27, subject to approvals.
Tristar's own announcement said the transaction values the company at an enterprise value of $1.5 billion and an equity value of $882 million, a multiple of about 6.0 times its 2025 EBITDA.
Who is Tristar?
Founded in 1998 and headquartered in Dubai, Tristar describes itself as an integrated liquid logistics provider. Its services include maritime logistics, fuel tank storage, road transport, aviation fuelling and fuel distribution, across markets in the Middle East, Africa, Asia, Europe, the Americas and the Pacific.
For the calendar year ended December 2025, Tristar reported consolidated revenue of $1.4 billion, EBITDA of $257 million and net profit of $82 million, per the filing. The company says it held an asset portfolio worth $1.7 billion in 2025. CNBC-TV18 has reported that its customers include major energy companies such as BP, ADNOC, ExxonMobil, Total and Shell.
Logistics group Agility has been Tristar's largest shareholder since 2004. In Tristar's statement, Agility chairman Tarek Sultan said that over the years of its ownership, Tristar had been "transformed" into "a world-class global integrated energy logistics provider."
Why Aegis wants it
Aegis, incorporated in 1956, is one of India's largest importers and handlers of LPG and runs terminals and distribution networks for oil, gas and chemicals. Until now, nearly all of that business has been in India.
"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 company has pointed to several benefits:
- Immediate profit contribution. Aegis says the deal is expected to add to its profitability straight away, since Tristar is already profitable.
- Scale and diversification. The acquisition spreads Aegis across more business lines and geographies, reducing its reliance on Indian LPG volumes.
- Customer access. Chandaria said the deal gives Aegis access to "an extensive network of blue-chip customers and premier industry partners."
- Supply chain fit. In a note reported by CNBC-TV18 in September, JPMorgan said Tristar owns and operates fuel storage in key sourcing regions for Aegis, including West Asia, Africa, North America and Central America, and that a deal could bring volume and cost synergies.
For Tristar, the logic runs the other way. Its statement said the partnership would strengthen its exposure to LPG and give it a stronger presence in India. Tristar founder and group CEO Eugene Mayne said the two companies bring together "complementary strengths."
How will Aegis pay for it?
The filing did not spell out a detailed funding plan in the coverage reviewed for this article. However, the company has been preparing its balance sheet. On September 28, Aegis's board approved raising up to ₹6,000 crore in one or more tranches through equity, non-convertible debentures, a preferential issue or other routes, and raised its borrowing limit to ₹6,000 crore, CNBC-TV18 reported at the time.
JPMorgan said in that earlier note that it did not expect financing to be viewed negatively, pointing out that Aegis generated around ₹2,000 crore in operating cash flow in FY26 and had a net cash balance sheet. The brokerage said Aegis could comfortably fund a deal of this size through a mix of debt and internal accruals.
How the market reacted
Investors had been expecting a deal since media reports of talks surfaced earlier. Aegis shares were trading about 5.9% higher at ₹1,471.1 on the morning of Wednesday, October 14, according to CNBC-TV18, which said the stock had more than doubled so far in 2026.
Analysts covering the company had been broadly positive on the idea. CNBC-TV18 reported that JPMorgan had an 'Overweight' rating with a target of ₹1,670, while Business Today reported that JM Financial kept a 'Buy' rating with a target of ₹1,610.
The bigger picture: energy security and Indian companies abroad
The timing is notable. Energy supply chains have been under pressure, and according to the JPMorgan note reported by CNBC-TV18, investor interest in Aegis has been helped by government plans to build a 30-day LPG storage buffer following the conflict in West Asia. Owning storage and logistics assets closer to where fuel is sourced could give Aegis more control over that chain.
The deal also fits a wider pattern of Indian mid-sized companies using strong domestic cash flows and higher valuations to buy businesses overseas. Such moves can transform a company's profile, but they also bring risks:
- Integration. Running operations across more than 30 countries is very different from managing Indian terminals.
- Debt. Any significant borrowing raises leverage, especially if energy markets turn volatile.
- Approvals. The deal is subject to regulatory clearances in multiple jurisdictions.
- Currency. A dollar-denominated purchase exposes Aegis to swings in the rupee, which has been under pressure this year.
What to watch next
Over the coming months, investors will watch for details on how Aegis funds the purchase, whether it taps the ₹6,000 crore fundraise its board approved, and how quickly regulators sign off. Once the deal closes, the key test will be whether Aegis can deliver the synergies it is promising while keeping its balance sheet in shape.
If it works, Aegis will have turned itself from a domestic port-and-terminal operator into one of the few Indian companies with a truly global energy logistics network.
Sources
- The Hindu BusinessLine: Aegis Logistics to acquire 89.8% stake in Dubai-based Tristar for ₹7,700 crore
- CNBC-TV18: Aegis Logistics gains after announcing $809 million Tristar Holdings acquisition
- Tristar Group: Tristar Group signs agreement for Aegis Logistics to become majority shareholder
- CNBC-TV18: Aegis Logistics approves fund raise of up to ₹6,000 crore (Sept 28, 2026)
- Business Today: Aegis Logistics shares rise as JM Financial sees potential in Tristar acquisition
