Aegis Logistics approves USD 809 million Tristar stake acquisition to expand global liquid logistics footprint

Aegis Logistics Ltd has approved the proposed acquisition of an 89.8 per cent equity stake in Dubai-incorporated Tristar Holdings Ltd for USD 809 million, marking a sizeable overseas expansion beyond its India-focused liquid and gas logistics network.

The consideration, which includes contingent consideration and interest on deferred consideration, will be paid in cash through Aegis Logistics International Pte Ltd, Singapore, a wholly owned step-down subsidiary of Aegis. The parties will now execute a definitive share purchase agreement.

Tristar operates an integrated liquid logistics platform across more than 30 countries, covering maritime logistics, road transport, fuel tank storage, fuel distribution and aviation fuelling. Established in 1998, the company generated consolidated revenue of about USD 1.4 billion, EBITDA of about USD 257 million and net profit of about USD 82 million in the year ended December 31, 2025.

Its operating revenue rose from USD 1.089 billion in FY2023 to USD 1.220 billion in FY2024 and USD 1.401 billion in FY2025. Based on the disclosed FY2025 figures, Tristar’s EBITDA margin was about 18.3 per cent, indicating that the deal adds a sizeable operating business rather than only an asset-led storage platform.

For Aegis, the acquisition broadens the geographic reach of a group whose core operations have largely centred on LPG sourcing, distribution and storage infrastructure in India. The company has been building terminals and distribution capabilities under Project GATI, or Gateway Access to India, while expanding liquid and gas handling assets across ports including Mumbai, JNPA, Pipavav, Mangalore, Kochi, Haldia and Kandla.

Tristar’s portfolio could complement that strategy by adding international transport, storage and fuel-distribution operations to Aegis’ existing terminal and LPG infrastructure base. Aegis said the transaction is expected to make an immediate contribution to overall profitability, besides offering long-term strategic benefits.

The transaction remains subject to regulatory approvals under applicable competition and antitrust laws, along with customary closing conditions. Completion is expected in the fourth quarter of FY27. Aegis also clarified that the transaction is not a related-party deal and that neither its promoters nor promoter group has any interest in Tristar.

The proposed acquisition follows a period of strong earnings momentum at Aegis. In the June 2026 quarter, net sales rose 37.1 per cent year-on-year to Rs 2,356.86 crore, while profit after Tax increased 210.7 per cent to Rs 544.84 crore. PBIDT excluding other income rose 197.4 per cent year-on-year to Rs 713.57 crore, with the margin improving to 30.3 per cent from 14.0 per cent a year earlier.

The expansion also introduces a larger international execution requirement. Tristar’s operations span several regulated fuel-logistics segments and jurisdictions, making competition-law clearances, transaction closure and integration important milestones for investors to monitor.

As of 10:05 a.m. on October 14, 2026, Aegis Logistics shares were trading at Rs 1,459, up 4.81 per cent from the previous close of Rs 1,392. The stock was about 1.9 per cent below its 52-week high of Rs 1,486.75 and had gained 81.66 per cent over the preceding year, compared with a 5.70 per cent decline in the BSE 500.

Disclaimer: The article is for informational purposes only and not investment advice.