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Country's first International Arbitration Centre that will hear cases of international companies and their grievances, will open in Mumbai on Saturday.
Temporarily located at Express Towers in South Mumbai, the new centre will hear cases of major international companies, their grievances and work at par with existing similar centres in Singapore and London, Maharashtra Chief Secretary Swadhin Kshatriya told reporters on Friday.
"Such centres hear cases of international companies, though they are not based in India. Having such facility here is an important landmark for the country as it is an additional service we would be offering to the world," he said.
"As a part of 'ease of doing business', we have already reduced the number of permissions from 75 to 30 to expedite the applications. To support the international companies, investors, entrepreneurs, there was also a need to provide them with facility of arbitration. We are fulfilling it through the centre in south Mumbai," the senior official said.
The centre would be permanently located in Bandra Kurla Complex, where a new building will be built and till then it will operate from South Mumbai, he said.
