In a step to ease doing business in India, and the evolution of Mumbai into a global financial service hub like Singapore and London, the first international arbitration centre will be launched in the city on Saturday. Spread over a 7,000 square feet, the Mumbai Centre for International Arbitration (MCIA) at Express Towers in Nariman Point will be inaugurated by chief minister Devendra Fadnavis. "Setting up an arbitration centre is an important step in furthering the dispute resolution system. He added that in 2014, around 60% of cases arbitrated by the Singapore International Arbitration Centre (SIAC) were those of Indian companies. State government officials claim that the MCIA will help Mumbai emerge as an international arbitration hub and incubate a wider economic ecosystem.

Source: dna October 08, 2016 01:18 UTC