Piramal Sunteck inks agreement with Oman's W J group

MUMBAI: Forging the first Indo-Omani real estate partnership, Piramal Sunteck Realty and Oman's W J Towell group have signed an agreement to partner each other in developing high-end and mixed-use properties in and around Muscat.

Construction is expected to begin in the next three months and the project would be completed in 12-18-months, a press release issued here stated.

"We are delighted to sign the first Indo-Omani real estate partnership which will look at opportunities in real estate developments in Oman," Piramal Sunteck Realty's Chairman, Ajay Piramal, said.

"We are confident that the synergies of our partnership would bring immense gains for all stakeholders. We find positive and pro-active intermediary initiating investor-friendly mandates in Oman which are the key ingredients in charting a success story on the path of speedy development," Piramal added.

Future plans include residential as well as tourism projects, he said.

W J Towell, formed in 1866, is one of the leading private sector companies in Oman and is a diversified group with interests in property, trade, industry and services.