Aegis Logistics Eyes Major West Asia Buyout With Tristar Deal

Aegis Logistics, which operates in India’s oil and gas logistics sector, is in advanced talks to acquire UAE-based Tristar, according to people familiar with the matter.

Tristar is one of the largest privately owned liquid logistics companies in West Asia. The deal could value the company at around $1.5 billion.

If completed, the transaction would rank among the largest consolidation moves in an industry that has witnessed significant volatility amid the ongoing Iran-US conflict. The Mumbai-based company, which has a market capitalisation of ₹45,156.15 crore, has reportedly initiated discussions with a group of European and Indian private sector lenders to arrange acquisition financing.

At 12:17 PM on Tuesday, Aegis Logistics shares were trading at ₹1,342.70, up 4.31%. The stock closed at ₹1,286.50 on Monday.

Tristar's Global Footprint And Ownership Structure

Tristar operates across more than 30 countries spanning West Asia, Africa, Asia, the Pacific, the Americas and Europe, providing transportation and storage services to clients including the Abu Dhabi National Oil Company, Total SA and Dow Inc.

Kuwait-based Agility Public Warehousing Company owns 65.21% of Tristar, while Gulf Investment Corp holds a 19.6% stake, with the remainder owned by founder and CEO Eugene Mayne.

According to Agility's 2025 annual report, Tristar is its second-largest controlled business, contributing 28% of total revenue, with revenue rising 14.4% to $1.4 billion. Sources said Aegis and Tristar are currently engaged in bilateral negotiations under a pre-agreed exclusivity period, though this could not be independently verified, and the talks could still fall through.

About Aegis Logistics

Aegis Logistics, a 60-year-old company founded by the Chandaria family, specialises in Liquefied Petroleum Gas (LPG) import, storage and distribution, along with bulk liquid storage and terminalling services for petroleum, petrochemicals and chemical products.

The company operates through its Gas and Liquid divisions, with the Gas Division accounting for around 90% of FY25 revenue, while the Liquid Division, though smaller, remains the key driver of profitability due to higher margins. The Chandaria family, led by Raj K Chandaria, holds a 58.10% stake in the company through its investment vehicles.

Financing Plans And Growth Outlook

According to sources, the company is looking to refinance Tristar's existing $600 million debt and raise an additional $400-500 million in debt to fund the acquisition, with the remainder financed through equity. Tristar had earlier completed an $800 million syndicated financing round in June.

During its June earnings call, Aegis management described FY26 as a breakout year and outlined a broader investment opportunity of around $5 billion through December 2030, alongside plans to maintain a strong balance sheet.

According to analysts, Aegis shares have risen significantly this year on the back of strength in its LPG distribution margins, though current valuations are seen as elevated.

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