A week after unlocking Rs 124 crore (Rs 1.24 billion) from the sale of a Kilburn Engineering property, the Brij Mohan Khaitan group has announced another Rs 115 crore (Rs 1.15 billion) deal.

Eveready has entered into a deal with Housing Development & Infrastructure for sale of a plot at Navi Mumbai for Rs 115 crore.

Deepak Khaitan, executive vice-chairman and managing director, Eveready Industries, said the money would be used to retire debts.

The company plans to retire around Rs 100 crore (Rs 1 billion) by the end of the financial year. Its total debt has been pegged at Rs 425 crore (Rs 4.25 billion).

Sources close to the development said more such deals from Eveready could be in the offing. The company has 75-80 acre in its portfolio.

The 15-acre Navi Mumbai plot was unutilised as the company's plant there was closed a year ago.

On August 20, Kilburn Engineering announced an MoU with HDIL to transfer the company's property at Bhandup (in Mumbai) for Rs 124 crore (Rs 1.24 billion).