The country's first international finance centre GiftCity in Ahmedabad today said the Singapore International Arbitration Centre (Siac) has opened a representative office at its facility, making it the second such office for the Singaporean dispute resolution centre.
Indian parties have consistently ranked amongst the top three foreign users of SIAC in the last five years, and were the top foreign user of SIAC in 2013, 2015 and 2016.
Gift City chief Ajay Pandey said, "We believe Siac will provide a neutral and independent dispute resolution platform to parties, thereby enabling them to undertake large international financial transactions from the IFSC.
"With increasing participation by international and domestic parties in IFSC, an international dispute resolution mechanism will be useful in making the IFSC a global financial hub along the lines of London, Dubai, Hong Kong, Singapore and New York.
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