Batra and Jhunjhunwala have bought Businessworld from ABP on behalf of some unidentified investors, the group said in a statement.
"We have divested Businessworld business. The brand and the publication will continue under the new owners with Prosenjit Datta as the editor," ABP MD and CEO D D Purkayastha said.
Batra, who is CEO of media and advertising portal Exchange4Media, declined to comment on details of the deal.
Commenting on the development, Businessworld Editor Prosenjit Datta said: "I expect the magazine and the brand to scale newer heights."
Kolkata-based ABP Group has several publications, including Bengali daily Anandabazar Patrika and English newspaper The Telegraph.
Businessworld started publication in 1981 and is the second-oldest business magazine in the country. It went fortnightly in February this year after nearly a decade as a weekly magazine.