Indian Billionaire Is One Of The Australias Richest Man.

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Funny Funny

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#1
Mar 29, 2010
 

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Meet the Oswals
They're young, rich and controversial. Victoria Laurie talks to the West Australian power couple with ambitious plans.
The smart young couple stand on the site of their Perth dream home, next to their four-wheel-drive Porsche, gazing out at one of the most expensive river views in the country. He is handsome with his square-chiselled jaw; she is slender, pretty and draped in gold jewellery. Stippled with afternoon sunshine, the scene resembles an advertising shoot selling the car, the real estate or the lifestyle.“You, too, can join Western Australia’s entrepreneurial elite,” the copy might read,“if you link your fortune to the natural resources of our state’s far north. You, too, can have it all.”
At 34 and 29, Pankaj and Radhika Oswal have amassed a fortune bigger than that of most Perth mining or real estate magnates. It’s wealth created from an ingredient for humble fertiliser, liquid ammonia. The Oswals are the source of the biggest Indian investment so far in Australia, even though they are living here on temporary work visas. They knew nothing about Perth when they moved from Delhi seven years ago. This weekend they are offering an unusual gift to their adopted city: a visit by their Hindu spiritual guru, Bhaishri Rameshbhai Oza.
There have been obstacles and business ructions along the way, like being sued by a former partner and being forced to delay expansion plans. Now, as he floats his company, the spotlight is on this ambitious young chemical engineer. He borrowed big to get into business and now he has bigger plans to grow his company, this time using shareholders’ money.
But just how did he make his fortune in Australia?“It was pretty simple – we needed gas, cheap gas,” says Oswal, the eldest son of an industrialist father, Abhey Oswal, who wanted to branch out on his own. He sent out scouts to look for gas supplies and was told plenty was on offer in either Qatar or Australia. He opted for Australia’s northwest coast, where natural gas supplies abound. In 2001, he set out to build one of the biggest liquid ammonia plants in the world, Burrup Fertilisers, on a lonely, rock-strewn stretch of the Burrup peninsula.
Two years ago, his $700 million ammonia plant began operating; last month, Oswal launched a float of Burrup Holdings, which owns the plant, seeking between $375 million and $500 million from share sales. If it succeeds, it will be the biggest listing on the Australian Securities Exchange since the float of the mortgage lender RAMS last July.
As Burrup Holdings chairman and managing director, Oswal’s rise has been swift and lucrative. Now he stands on his 6600sqm superblock, bought for $22.7 million, on which he plans to construct an Indian-style palace home worth $50-60 million.“The house will be here, and the rest,” Oswal motions nonchalantly down a long, tiered slope,“will be gardens, pools, gymnasium, my telescope house and a temple. The Indian principle is that you enter from the north and you have the house standing further back with the grandeur of lawns.”
Funny Funny

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#2
Mar 29, 2010
 

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Look at me,” he says, leaning forward and warming to the topic.“If I was living in Europe or America, they would have given me citizenship on a platter. They would have said,‘Mr Oswal, we would love to have you here. You are free to live here because you’ve created so much employment.’ What has the Government done? Nothing, they keep fighting with me for my 457 visa.” Later, he admits that 457 visa status allows him to bring in domestic staff from India, and being offered Australian citizenship would have tax implications. But clearly he’d like to be asked.

At the heart of his mild indignation is a belief that he’s done Australia a big favour and deserves to be recognised for it. Others would agree with him, including West Australian Premier Alan Carpenter, who had been in the job only a few weeks when, in April 2006, he flew north to officiate with Oswal at the opening of Burrup Fertilisers’ ammonia plant.

Looking down as his aircraft approached Karratha, Carpenter may not have thought the plant looked like much – a couple of large domes, an orderly jungle of tubes, pipes and reactor columns laid out in a craggy landscape.

But what Carpenter knew was that Oswal had achieved what everyone else had failed to do: create a secondary industry out of WA’s huge natural gas resource. It was always the dream of West Australian governments to downstream-process the state’s resource wealth. Oswal was proposing to turn natural gas into liquid ammonia, a by-product that could be exported to manufacture nitrogen-based fertiliser or ammonium nitrate explosives.

With state government approvals in place, Oswal sealed a once-in-a-lifetime deal – a take-or-pay contract with gas supplier Apache to provide him with huge quantities of natural gas for 25 years at what is now a bargain price. Then he locked in Norway’s Yara International, one of the world’s largest fertiliser manufacturers, to buy and ship all Burrup’s ammonia for 20 years.

Pankaj, Radhika and toddler Vasundhara packed up and moved to Australia in 2001, and their second child, Riddhi, was born in Perth.

To add to Oswal’s good fortune, ammonia crept up in value five-fold to $US500 a tonne. And still he was paying bottom dollar for his gas.“Gas prices in Europe and America are $11 a million BTU gigajoules, Australia today is about $10. Trinidad, which has a lot of ammonia plants, is about $4 for gas right now. I am $1,” Oswal says, holding up a single finger triumphantly.“One dollar. That’s the game.” Others could have negotiated similar deals then, but they didn’t.“Nobody envisaged back then that crude oil would touch $120 a barrel (and beyond). Even I would have said,‘Are you drunk?’”

If capital-raising and bureaucratic red tape permit, Oswal intends to expand his Burrup empire with an explosives plant and a second ammonia plant,“but I’m not being offered the right gas price, it’s ridiculous”.
HI There I am Pathik

UK

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#3
Mar 29, 2010
 

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We indians borne rich,Our culture is rich,our IQ is rich,Our race is superior.THANK YOU MOTHER INDIA.We handle british well next move down under asstralia,we teach these morons way of modern life.

Since: Feb 10

Bankstown, Australia

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#4
Mar 29, 2010
 

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Hi there chimp from Maidenhead, haven't we met before?

Still on the run from the local monkeyhouse, I see.
Men at work

Chennai, India

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#5
Mar 30, 2010
 

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HI There I am Pathik wrote:
We indians borne rich,Our culture is rich,our IQ is rich,Our race is superior.THANK YOU MOTHER INDIA.We handle british well next move down under asstralia,we teach these morons way of modern life.
culture ? yeah great and u choose not to live in india after all ur gas , fleein from da filth and pollution?
Shalama

Mount Waverley, Australia

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#6
Mar 31, 2010
 
why doesn't he live in america then if he thinks aus only giving him temporary visa
the indians need aus more than aus needs him
why ? i thought he said he is rich lol very fishy
fluffer

Malvern, Australia

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#7
Apr 1, 2010
 

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every indian is a billionaire
one even opened 3 retaurants after only 3 years living in aus
and this indian did not even bother to buy a home to live in
Fact2010

Australia

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#8
Aug 28, 2010
 

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Indians are one of the richest and smartest people in the world, India rules the world by way of its rich culture and traditions. India is going to be the superpower of 21st century, hip hip hurray
Tweeter

Auckland, New Zealand

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#9
Aug 28, 2010
 

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Fact2010 wrote:
Indians are one of the richest and smartest people in the world, India rules the world by way of its rich culture and traditions. India is going to be the superpower of 21st century, hip hip hurray
India rules nothing, never has done and never will do.

Indian culture is pathetic and quite laughable.
wurundjeri

Australia

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#10
Aug 28, 2010
 

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White need dole, drugs and a hole to poke, thats their ultimate goal in life!! lol
Truth Hurts

Abbotsford, Canada

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#11
Aug 28, 2010
 

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Fact2010 wrote:
Indians are one of the richest and smartest people in the world, India rules the world by way of its rich culture and traditions. India is going to be the superpower of 21st century, hip hip hurray
Hahahahahahaah LOL LOL

Indians crack me up, they should make a sit-com with a bunch of funny Indians, doing Indian things, priceless.

What a poor deranged, people.
Oswals Not Welcome In Oz

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#12
Aug 28, 2010
 

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Fertiliser tycoon Oswal faces new claims in court

Andrew Burrell From: The Australian July 13, 2010 10:00PM

FERTILISER tycoon Pankaj Oswal is facing fresh allegations of misconduct in the WA Supreme Court as he weighs a $3 billion float.

In a writ filed in court, and obtained by The Australian, the Indian-born entrepreneur is accused of reneging on an agreement to hand over $1.53 million he allegedly owes a leading Perth property developer.

The payment would have settled an earlier legal case in which Mr Oswal stands accused of abandoning an office leasing deal he entered into with the developer.

Mr Oswal, who is known in Perth for throwing lavish parties with his socialite wife Radhika and for building a $70m Indian-style palace in ritzy Peppermint Grove, is one of Perth's most controversial business figures.

Questions have been raised in court in recent months over financial strains in Mr Oswal's business empire after he and his wife were unable to name any major assets unencumbered by debts.

In October last year, Perth property company Fairworld Holdings, partly owned by members of the Zorzi construction family, accused Mr Oswal of abandoning a CBD office leasing deal struck at the height of the resources boom in 2007.

Fairworld successfully applied for the Oswals to be examined in the Supreme Court over the affairs of their company, Worldwide Projects, which was placed in voluntary administration.

Fairworld alleges the Oswals breached the Trade Practices Act by acting in a misleading and deceptive manner when they entered into the 10-year leasing deal in 2008.

During questioning in May, it was revealed all of the Oswals' major assets had liabilities, including a $US350m ($400m) charge over Burrup Holdings, which he plans to float.

In the most recent writ lodged in May, Fairworld alleges that it struck a deal with Mr Oswal in March to settle the case, with the entrepreneur agreeing to pay rent of $1.29m as well as interest and costs of about $250,000.

However, Fairworld alleges that Mr Oswal pulled out of the settlement agreement two days later, with his lawyers, Murcia Pestell Hillard, asserting that "no agreement had been entered into".

Mr Oswal was unavailable for comment yesterday.

Mr Oswal abandoned a planned float of Burrup in 2008 when he sought to raise $500m, valuing the company at $3bn.
TBA

Gymea, Australia

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#13
Aug 28, 2010
 

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Fact2010 wrote:
Indians are one of the richest and smartest people in the world, India rules the world by way of its rich culture and traditions. India is going to be the superpower of 21st century, hip hip hurray
great news, now you can return home.
Abo killers

Brisbane, Australia

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#15
Jan 13, 2011
 

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@TBA - We murdered REAL AUSTRALIANS and we still didnt leave this country ..now why should they leave the country when we Australian wana be's!! dont even own this country :)
Bridger

Sydney, Australia

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#16
Jan 13, 2011
 

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Abo killers wrote:
@TBA - We murdered REAL AUSTRALIANS and we still didnt leave this country ..now why should they leave the country when we Australian wana be's!! dont even own this country :)
Because we don't have another country to go & live in, you do!
amit rastogi

Kolkata, India

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#17
May 2, 2011
 
i know oswal from college days .
he planned and executed big .
Wobble head

North Sydney, Australia

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#19
May 2, 2011
 
So what? he is still just a Turdskin.
Pakistans women

Australia

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#20
May 2, 2011
 
Indian men are hot. I wish an Indian would knock me up !
Pakistani Fathima

Australia

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#22
May 2, 2011
 

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Fuckoff Indians wrote:
Indians look like monkeys bathing in poop.
I like Indian guys because they are willing to say they are Indians and fight for their country, unlike you who trolls here as a white Aussie with numerous ID's.

I am looking for a nice Indian man who would knock me up
sunny

Australia

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#23
Sep 14, 2011
 

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"
Pakistani Fathima wrote:
<quoted text>
I like Indian guys because they are willing to say they are Indians and fight for their country, unlike you who trolls here as a white Aussie with numerous ID's.
I am looking for a nice Indian man who would knock me up
"

I believe infact that ther os no difference between indian and pakistanis as they are pretty much the same.

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