Calcutta, June 15: The board of Harrisons Malayalam Ltd today okayed the proposal of selling one of its rubber estates in Kerala to AV George & Co for Rs 63 crore.

The company, which is into tea and rubber business, will use the funds to retire its high cost debts of nearly Rs 100 crore. It aims to become a zero debt company within next few months. Harrisons Malayalam chairman Sanjiv Goenka did not rule out the possibility of selling one or two more estates.

The Cheruvally rubber estate, which has been sold, is spread over 2263 acres and employs about 445 people. Under the agreement, the estate will be transferred as a functioning entity along with the employees.

RPG Life Sciences

RPG Life Sciences Ltd, an RP Goenka group firm, has closed operations at its manufacturing facility in Pimpri, Pune, the company has informed the Bombay Stock Exchange.

It said due to steep fall in global prices of Spironolactone and Vitamin B12 and high manufacturing cost of Androstene Dione, the firm has been forced to close down the Pimpri factory.