The company supplies its products to 9 out of top 10 global tyre manufacturers and to all of the top 11 tyre, paint, footwear and cosmetics manufacturers in India
The valuation of the company was estimated to be up to $3 billion.
According to a BSE filing, the parties to the proposed transaction, for which a legally binding memorandum of understanding had previously been signed, had "executed a Share Purchase Agreement and finalized the transaction."
Acquisition done for Rs 18.45 crore.
The facility will be able to store 60,000 tonnes of LPG.
Vedanta is the parent company of Hindustan Zinc.
Floor price for the offer-for-sale set at Rs 2,450 per share.
Reliance Industries and its partner BP Exploration (Alpha) Ltd (BPEAL) are set to conduct an e-auction on April 3.
Group is using its financial resources to pay off its debt obligations, in order to restore confidence.
The facility manufactures oral-oncology medicines.