Aegis Logistics has announced a landmark deal to acquire 89.8% of Tristar Holdings Limited for $809 million. This acquisition marks a transformational step for Aegis, enabling it to become a global integrated energy logistics platform. Tristar, headquartered in Dubai, is an integrated energy logistics company with global operations, expected to significantly enhance Aegis’s scale, geographic diversification, and earnings potential. The transaction is anticipated to be completed in Q4 of FY27, subject to regulatory approvals.
Transformational Acquisition of Tristar Holdings
Aegis Logistics has announced a significant development with the signing of a definitive agreement to acquire 89.8% of Tristar Holdings Limited for a consideration of US$809 million. This acquisition, signed on October 13, 2026, is poised to be a transformational step in Aegis’s strategy to evolve from a predominantly India-focused business into a global integrated energy logistics platform.
Strategic Rationale and Synergies
Tristar Holdings Limited, an integrated energy logistics company headquartered in Dubai with global operations, is expected to bring substantial value to Aegis. The transaction aims to combine Aegis’s domestic infrastructure and logistics capabilities with Tristar’s international network, diversified service offerings, and established global customer relationships. The company anticipates that this integration will significantly enhance its scale, geographic diversification, and earnings potential, leading to meaningful operational and commercial synergies.
Transaction Timeline and Outlook
The completion of this acquisition is targeted for Q4 of FY27, contingent upon securing the necessary regulatory approvals and fulfilling customary closing conditions. Aegis Logistics expects to provide further updates on the benefits of this move as the transaction progresses. The company views this as a crucial step in its long-term growth trajectory.
Strong Financial Performance in H1 FY27
In parallel, Aegis Logistics reported a strong performance for the first half of FY27, achieving a record profit. The company posted revenue of INR4,570 crores, with an EBITDA of INR1,184 crores and a profit after tax of INR866 crores. This represents a substantial increase compared to H1 FY26, with profit after tax doubling. Earnings per share for H1 FY27 were INR21.23, a 140% increase year-on-year. The Liquid Division also delivered its highest performance ever in H1, with revenues of INR366 crores and EBITDA of INR284 crores, achieving a margin of 78%. The Gas Division reported an exceptional first half EBITDA of INR900 crores, up 137% year-on-year.
Aegis Vopak Terminals (AVTL) Performance
Aegis Vopak Terminals (AVTL) also demonstrated strong operating performance. In Q2 FY27, AVTL reported revenue of INR271 crores, up 17% year-on-year, and EBITDA of INR212 crores, up 22%. For the first half of FY27, revenue rose 15% to INR505 crores, with EBITDA up 19% to INR392 crores. The company highlighted ongoing expansion projects at various ports, including Mumbai, JNPT, Kandla, and Pipavav, with significant investments in liquid and LPG storage capacity.
Future Outlook and Capacity Expansion
Aegis is focused on expanding its infrastructure network, with plans for further investments in traditional energy infrastructure and emerging energy transition value chains. The company has a cumulative capex plan of approximately USD 1.2 billion by next year and a projected aggregate capex investment of approximately $5 billion through 2030-31. This expansion is intended to cater to rising demand and drive sustainable growth across its businesses.
Source: BSE
