Maharashtra Chief Minister Devendra Fadnavis today launched the Mumbai Centre for International Arbitration (MCIA) here.
Justice S S Nijjar, MP Poonam Mahajan, state chief secretary Swadheen Kshatriya and MCIA CEO Madhukeshwar Desai were present at the launch.
It is India’s first international arbitration centre, Khatriya had said yesterday.
Speaking on the occasion, Fadnavis said the government had prepared a good policy on arbitration and Maharashtra would be the first state to implement it.
Businesses coming to Mumbai under the ‘Make In India’ initiative need not go to Singapore, Hong Kong or London for arbitration now, he said.
The arbitration centre will have a new building of its own and the focus will now be on setting up an International Financial Services Centre in Mumbai soon, he said.
Kshatriya had said yesterday that such centres can hear cases of international companies even though they are not based in India. “To support the international companies, investors, entrepreneurs, there was also a need to provide facility of arbitration. We are fulfilling it through the centre in south Mumbai,” he had said.
The permanent building for the centre will come up in Bandra Kurla Complex. Till then, the centre will operate from South Mumbai.