Indian tycoon''s Taj style mansion in Aus may come under hammer

Written by: Pti
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Natasha Chaku

Melbourne, Jan 14 (PTI) An Indian tycoon''s palatialmansion in Perth billed as ''Taj-Mahal-on the Swan'' worth astaggering 70 million Australian dollars may come under thehammer as its owner''s company has been placed in receivership.

Perth-based tycoon Pankaj Oswal is likely to put hispartially-built riverside house on sale after his fertilisercompany ''Burrup Fertilisers'' was placed in receivership, mediareport said.

Dubbed as the ''Taj-Mahal-on the Swan'', Oswal''sresidence is among the most expensive houses in Australiawhich is being built in Indian architecture in the well heeledPerth suburb of Peppermint Grove overlooking the Swan River.

According media reports, the Oswals are consideringselling the property if they are offered a good price.

The million dollar domed structure is due forcompletion in 2012 and includes a temple, a gym, anobservatory with a revolving roof and parking for 17 cars.

Chris Codrington, a spokesman for the Oswals, said"It''s not officially on the market, there''s been no realestate agent appointed but they''ve obviously had a couple ofnibbles; one would assume people interested in the blockrather than taking the house."

Codrington confirmed that the Oswals would considerselling because of the situation with Burrup Fertilisers.

The ANZ Banking Group appointed PPB Advisory asreceiver to take control of Burrup Fertilisers and Oswal''s 65per cent shareholding in parent company Burrup Holdings.

The move was sparked by a continuing spat betweenOswal and Norway''s Yara International, a 35 per centstakeholder in Burrup and its main customer for itsstill-profitable ammonia plant in the Pilbara.

ANZ, which owed hundreds of millions of dollars on theproject, has claimed there is evidence of financialirregularities in the business.

Responding for the first time to claims ofabnormalities in Burrup''s accounts since ANZ Bank put thecompany into receivership last month, Oswal was qouted by amedia report here that his estranged Norwegian partner hadfailed to respond to his goodwill offer of injecting 20million Australian dollars.

Oswal has claimed that he wrote to Yara about thefresh cash injection months before Burrup, which isAustralia''s largest ammonium producer, went into receivershiplast month. But claimed the Norwegian company is yet torespond.

The parties have been involved in a battle in aFederal Court.

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