Towell Piramal, Bank of Muscat team up for projects in Oman

MUMBAI: Towell Piramal Sunteck Realty, a joint venture between Piramal Sunteck Realty and Oman���s leading business house WJ Towell group, has formed a 51:49 JV with Bank of Muscat (BoM) for developing real estate projects in Oman.

Piramal Sunteck Realty is a domestic realty firm jointly promoted by pharma tycoon Ajay Piramal and developer Kamal Khetan-controlled Sunteck Realty.

Last year, Piramal Sunteck Realty and Oman���s WJ Towell group had signed an agreement to jointly develop high-end and mixed-use properties in and around Muscat. Khushru Jijina, executive director, Piramal Sunteck, said: ���Towell Piramal Sunteck Realty has formed a new company called Oman Urban Development Company with BoM. Initially, BoM will be infusing $25 million in the JV to develop premium residential villas at Madinat al Illam.��� The JV will bid for all new real estate projects in Oman, he said.

According to the agreement with BoM, Towell Piramal Sunteck will handle the construction of the project, while BoM will provide financial assistance that will cover 70% of the project cost. The additional 30% will be pumped in by Towell Piramal Sunteck.