Aegis Logistics Limited, through its wholly-owned subsidiary Aegis Logistics International Pte Ltd, has signed a definitive agreement to purchase an 89.8 percent stake in Tristar Holdings Limited from Agility Tristar Holdings Limited, Gulf Investment Corporation, and Diamond Holdings Limited for an equity sum of $809 million (which includes contingent and interest for deferred payments).

According to reports, the transaction is arguably the largest individual acquisition of an asset in the Middle East corridor by an Indian company.

Aegis Logistics, a publicly traded Indian firm offering sourcing, storage, distribution, and third-party logistics services in the oil, gas, and chemicals industries, announced this in a stock exchange disclosure on the evening of October 13.

Founded in 1998, Tristar is a comprehensive liquid logistics solutions provider delivering complete liquid logistics services such as maritime logistics, road transportation, fuel storage, fuel distribution, and aviation fueling.

Tristar operates out of Dubai and has a presence in over 30 countries worldwide. For the fiscal year that concluded on December 31, 2025, Tristar produced $1.4 billion in revenue, achieved $257 million in EBITDA, and realized a net profit of $82 million on a consolidated basis.

Raj Chandaria, Chairman and Managing Director of Aegis Logistics stated, “The purchase of Tristar will initiate Aegis’ evolution from a domestic operator into a global energy logistics platform with considerable international scope and enhanced service options. The deal will enable Aegis to gain from increased scale, along with diversification in both business and geography.”

Moreover, as stated by Chandaria, the acquisition will provide Aegis with access to a vast network of top-tier clients and leading industry partners in the Tristar ecosystem.

"The integration of Aegis and Tristar’s complementary strengths is anticipated to produce significant synergies throughout the combined business." "This purchase is anticipated to make an instant impact on total profitability and also offers significant long-term strategic advantages for Aegis," he noted.

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Eugene Mayne, Founder and Group CEO of Tristar Group, stated, “We are thrilled to have Aegis Logistics as our new majority shareholder, signifying an exciting new phase in Tristar’s growth journey. This collaboration combines our respective strengths, skills, and a mutual outlook for the future, generating considerable chances to broaden our influence and enhance our standing in the energy logistics industry. We anticipate creating a more competitive and globally linked business, maintaining our steadfast dedication to safety, operational excellence, and providing lasting value to our customers."