Aegis Logistics has commissioned a specialised LPG bottling plant with a capacity of 35,000 MT per year at Jawaharlal Nehru Port (JNPA). The facility became operational on October 15, 2026.

Plant commissioning details

The newly operational facility is located at Jawaharlal Nehru Port, one of India's largest container ports. The plant is designed for LPG bottling operations with an annual throughput capacity of 35,000 MT. This development follows an earlier disclosure from November 2025 regarding a framework agreement between the company and Aegis Vopak Terminals Limited (AVTL) for greenfield terminals at JNPA.

The commissioning of this plant adds to Aegis Logistics' existing LPG infrastructure footprint. Jawaharlal Nehru Port serves as a strategic location for LPG handling and distribution, given its connectivity to key consumption markets.

Project structure and transfer

This plant is part of the broader Greenfield Terminal Project, referred to as the 'J2 Project'. Aegis Logistics stated that the said project would be subsequently transferred to AVTL. The company will intimate stock exchanges separately regarding the transfer details.

Aegis Logistics Limited has signed a definitive agreement to acquire 89.8% of Tristar Holdings Limited for an equity consideration of $809 million. The deal marks a significant expansion into global liquid logistics, executed through its wholly owned step-down subsidiary Aegis Logistics International Pte Ltd in Singapore.

The transaction involves acquiring the stake from Agility Tristar Holdings Limited, Gulf Investment Corporation, and Diamond Holdings Limited. The consideration includes contingent and interest components for deferred payment. The acquisition is expected to be completed in Q4FY27, subject to regulatory approvals under applicable competition and anti-trust laws and satisfaction of customary closing conditions. The Board meeting that approved this move was held on October 13, 2026.

Target Company Profile

Tristar Holdings Limited is an integrated liquid logistics solutions provider established in 1998 and incorporated in Dubai. The company offers end-to-end services spanning maritime logistics, road transport, fuel tank storage, fuel distribution, and aviation fueling. It currently operates in more than 30 countries globally.

For the fiscal year ended December 31, 2025, Tristar reported consolidated financial performance as follows:

Historical Revenue Growth

The target entity has demonstrated consistent top-line growth over the last three fiscal years. The consolidated revenue from operations for the previous three years ending December 31 are detailed below:

Strategic Rationale and Management Comments

Raj Chandaria, Chairman and Managing Director of Aegis Logistics, stated that the acquisition will kick-start Aegis' transformation from a domestically focused operator into an international energy logistics platform. He noted that the transaction allows Aegis to benefit from greater scale, business and geographic diversification, and access to an extensive network of blue-chip customers. The combination of complementary capabilities is expected to unlock material synergies across the integrated business.

Eugene Mayne, Founder and Group CEO of Tristar Group, welcomed Aegis as the new majority shareholder, highlighting the partnership's potential to expand reach and strengthen position in the energy logistics sector. Tarek Sultan, Chairman of Agility Global PLC, noted that Agility helped scale Tristar from $13.5 million in revenue to $1.4 billion over 23 years of ownership.

Aegis stated that the acquisition aims to create immediate contributions to overall profitability while providing long-term strategic benefits. The transaction falls outside the main line of business of the listed entity but aligns with its broader infrastructure and logistics portfolio. The company confirmed that this is not a related party transaction, and neither the promoter nor the promoter group holds any interest in the target entity.

BNP Paribas is acting as exclusive financial advisor to Aegis, with Norton Rose Fulbright and Veritas Legal acting as legal counsel.

What the Numbers Show

The acquisition price of $809 million for an 89.8% stake implies a significant valuation premium relative to Tristar's reported net profit of $82 million for FY25. This suggests the market values Tristar's integrated logistics network and global footprint at approximately 9.9x its annual net profit, reflecting the strategic asset value of its operations across 30+ countries rather than just current earnings capacity.