Recievers appointed to Burrup Fertilizers Amonia plant
Pankaj Oswal's reign as one the world's biggest fertiliser players ( Burrup Fertilisers) has hit the dust after ANZ, fed up with the bitter dispute between the Indian tycoon and his Norwegian partner Yara, appointed receivers to Mr Oswal's Pilbara ammonia empire.
PPB Advisory has been charged by ANZ to sell Burrup Fertilisers to the highest bidder, with the bank thought to be trying to recoup up to $800 million owed by Burrup Fertilisers and Mr Oswal's family.
History of the dispute: September 27, 2010 ref : http://www.watoday.com.aul
Indian entrepreneur Pankaj Oswal is backing away from his dream of a multibillion-dollar public float of ammonia producer Burrup Holdings, amid signs of another falling out with co-shareholder Yara International. Yara, a Norwegian fertiliser manufacturer with a market value of about $14 billion, went to the Federal Court twice this month to stymie Mr Oswal's attempts to convert the unlisted Burrup from a public to proprietary company.
The crash of the oswal empire
Oswal has been in the news recently for other reasons as well. Mr Oswal was concerned about Australian workers eating meat while working on his property. Mr Zed said that Australia needs to have a deep, introspective look at its heart and be kind to immigrants, minorities, Indigenous people and other vulnerable groups. Mr Oswal and Yara International ASA want to develop an explosives plant in the middle of Australia’s greatest examples of petroglyphs, dating back some 30 000 years. I believe that the area Mr Oswal has chosen for his explosives plant shows scant regard for Australia’s Indigenous culture and the world’s prehistory. Read more about this taken from here
The Oswal's are currently building a mansion in Perth's western suburbs ( 2 bayview terrace, peppermint grove )which could be affected by the decision.
Pankaj Oswal and his socialite wife Radhika, who have attracted both scorn and admiration for their lavish cocktail parties and decision to build Australia's biggest and potentially most expensive house in swanky Peppermint Grove.The Peppermint Grove Council declined to comment on the possible halt of building works, saying it was a private matter.
Other related links :
Tap Oil has been granted an application for an early Supreme Court trial to resolve a dispute with gas customer Burrup Fertilisers.
THE Indian entrepreneur Pankaj Oswal is backing away from his dream of a multibillion-dollar public float of the ammonia producer Burrup Holdings amid signs of another falling out with co-shareholder..