Friday's development comes two days after it announced the sale of two other estates in Dooars region of Jalpaiguri district, also to two city-based companies, at a price of Rs 31 crore.

Meanwhile, the BM Khaitan group company has convened an extra-ordinary general meeting on December 22 seeking approval of the shareholders to come out of the tea business.

The company had said the decision to sell the estates, which were no longer productive, was taken to reduce its annual interest burden by at least 25 per cent.

(PTI)