Aegis Logistics is in advanced discussions to acquire UAE-based Tristar, one of West Asia’s largest privately owned liquid logistics companies, in a deal valuing the target at around $1.5 billion, according to sources cited by ET.
Mumbai-based Aegis has reportedly approached European and Indian lenders to arrange financing for the acquisition. Sources said the company is considering refinancing Tristar’s existing $600 million debt and raising an additional $400–500 million, with the balance expected to be funded through equity.
Tristar operates across 30+ countries in West Asia, Africa, Asia-Pacific, the Americas and Europe, providing transportation and storage services to customers including ADNOC, TotalEnergies and Dow. Its revenue rose 14.4% to $1.4 billion in 2025, while EBITDA stood at about $257 million.
The company is majority-owned by Kuwait-based Agility Public Warehousing Company, with a 65.21% stake, while Gulf Investment Corporation owns 19.6% and founder Eugene Mayne holds the remainder.
The proposed acquisition would significantly expand Aegis Logistics’ international footprint as it embarks on an aggressive investment cycle. Aegis has outlined cumulative capital expenditure of around $1.2 billion through March 2027, another ₹5,000 crore by March 2028, and a broader investment opportunity of about $5 billion through 2030.
Aegis, controlled by the Chandaria family, operates LPG import, storage and distribution facilities as well as liquid storage terminals across major Indian ports, including Mumbai, Haldia, Pipavav, Kochi, Kandla, Mangalore and JNPT.
Sources said Aegis and Tristar are negotiating under an exclusivity period, although the talks could still fall through. Tristar and Aegis had not officially commented on the reported transaction at the time of publication.