The foundation stone for the International Arbitration and Mediation Centre in the city was laid by Chief Justice of India N.V.Ramana on Saturday.
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Proposed by the International Arbitration and Mediation Centre Trust, the facility will come up behind IKEA and in proximity to the IT hub.
Speaking after the foundation-laying ceremony, the Chief Justice of India, who is author of the trust, said it is a great gesture on the part of Telangana government to give land, in the heart of the city, as well ₹50 crore for construction of the building. He hoped the centre would emerge as an alternative to those in Dubai, London and Singapore.
Supreme Court judges Justice L.Nageshwar Rao and Justice Hima Kohli, former Judge of the Supreme Court Justice R.V. Raveendran, Chief Justice of Telangana High Court Justice Satish Chandra Sharma and Telangana Minister of Law Indrakaran Reddy, who are trustees of the International Arbitration and Mediation Centre Trust, as well as many ministers of Telangana, including K.T. Rama Rao and Chief Secretary Somesh Kumar, and senior officials participated in the programme.