The portrait, commissioned by the Indian government, will hang on the walls of Gray's Inn, where Ambedkar was called to the bar in 1918. Gray's Inn is one of UK's four Inns of Court with the exclusive right to call men and women to the Bar of England and Wales.
"This is a true homage to a great leader of India. We all know of his many achievements, including as the architect of the Indian Constitution," said Dinesh Patnaik, Indian Acting High Commissioner to the UK, who also delivered the Ambedkar Memorial Lecture titled 'Power of Change'.
In 1990, the Bharat Ratna, India's highest civilian award, was posthumously conferred upon Ambedkar, who was popularly known as Babasaheb. He inspired the Dalit Buddhist Movement and campaigned against social discrimination against Dalits, while also supporting the rights of women and labour.
The unveiling of the portrait last night coincided with Ambedkar's 60th death anniversary.
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The chief guest of the event, Minister of State Vijay Sampla, addressed the gathering via videolink from India.
"Dr Ambedkar studied law because of all subjects, it is law that helps enforce equality and punishes violations. He was a universal advocate of equality," he said.
"It is as if the artist has been able to reach into his soul to create a true likeness of him," he said.
The previous portrait depicted Ambedkar with unusually disproportionate hands.
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