According to The Moscow Times, Amtel's acquisation will make the company an international tyre producer with anannual turnover of more than $1bn.
The deal is expected to be completed in February 2005.
The bought out assets comprise all subsidiaries involved in production, distribution and sale of tyres as well the title to trademarks of Vredestein Banden, said The Moscow Times.
2003 sales of the Dutch company was in excess of 200m Euros.
Amtel had previously partnered with Nokian of Finland.
Vredestein's bicycle tyre division - which comprised 10 percent of VICO as a whole - manufactures tyres in Thailand and India.