01 April 2016 Current Affairs: Mumbai is set to open the country's first international arbitration centre in August, posing a direct challenge to Singapore which is the favoured location currently for Indian businesses and wealthy families to settle disputes out of court. The arbitration centre would also be a step towards India's aim to establish Mumbai as an international finance centre, along with the GIFT city of Gujarat. According to the people involved in the Mumbai project, every finance centre -be it in Singapore, Dubai, Hong Kong or London -has the support of an international arbitration centre. It is estimated that an Indian company or promoter is involved in more than a fifth of arbitration cases filed every year in Singapore. Most of the arbitration cases from India are over dispute between private equity firms and investee companies, and in some instances, the dispute is between family members, industry trackers .People in the know said it has rented around 9,000 sq ft in south Mumbai's Express Towers to operate the arbitration centre. MCIA chief executive Madhukeshwar Desai, confirming the plan to commence operations by August, sa id the centre would compete internationally . "We have incorporated a competitive fee structure in our rules and by administering the rules and assisting the tribunal, we will efficiently resolve disputes within stricter deadlines," said Desai, who is also the national VP of the BJP youth wing and great grandson of former PM Morarji Desai. It is expected the central government would make an announcement on the arbitration centre in April.Earlier this year, it amended the law so that an international arbitration centre can operate from India.MCIA is targeting annual revenue of around Rs 200 crore, mainly by attracting Indians who otherwise go to Singapore.