Mumbai to get international arbitration centre

Mumbai to get international arbitration centre

is set to open the country's first international arbitration centre in August, posing a direct challenge to Singapore which is the favoured location currently for Indian businesses and wealthy families to settle disputes out of court. The arbitration centre would also be a step towards India's aim to establish Mumbai as an international finance centre, along with the GIFT city of Gujarat. According to the people involved in the Mumbai project, every finance centre -be it in Singapore, Dubai, Hong Kong or London -has the support of an international arbitration centre. It is estimated that an Indian company or promoter is involved in more than a fifth of arbitration cases filed every year in Singapore. Most of the arbitration cases from India are over dispute between private equity firms and investee companies, and in some instances, the dispute is between family members, in...

Full article: http://economictimes.indiatimes.com/news/economy/policy/m...

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