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Taj style mansion in Aus may come under hammer

Melbourne: An Indian tycoon`s palatial mansion here billed as `Taj-Mahal-on the Swan` worth a staggering 70 million Australian dollars may come under the hammer as its owner`s company has been placed in receivership.

Perth-based tycoon Pankaj Oswal is likely to put his partially-built riverside house on sale after his fertiliser company `Burrup Fertilisers` was placed in receivership, media report said.

Dubbed as the `Taj-Mahal-on the Swan`, Oswal`s residence is among the most expensive houses in Australia which is being built in Indian architecture in the well heeled Perth suburb of Peppermint Grove overlooking the Swan River.

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

The million dollar domed structure is due for completion in 2012 and includes a temple, a gym, an observatory 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 real estate agent appointed but they`ve obviously had a couple of nibbles; one would assume people interested in the block rather than taking the house."

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

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

The move was sparked by a continuing spat between Oswal and Norway`s Yara International, a 35 per cent stakeholder in Burrup and its main customer for its still-profitable ammonia plant in the Pilbara.

ANZ, which owed hundreds of millions of dollars on the project, has claimed there is evidence of financial irregularities in the business.

Responding for the first time to claims of abnormalities in Burrup`s accounts since ANZ Bank put the company into receivership last month, Oswal was qouted by a media report here that his estranged Norwegian partner had failed to respond to his goodwill offer of injecting 20 million Australian dollars.

Oswal has claimed that he wrote to Yara about the fresh cash injection months before Burrup, which is Australia`s largest ammonium producer, went into receivership last month. But claimed the Norwegian company is yet to respond.

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

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