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GIFT CITY: Home to India’s First Maritime Arbitration Centre

GIFT city

GIFT City

Spread across 886 acres, Gujarat International Finance-Tec City consists of a Multi-Service Special Economic Zone (SEZ), which has been notified as India’s first International Financial Services Centre (IFSC), and an exclusive Domestic Tari_ Area (DTA). An area of 261 acres has been demarcated as SEZ and an additional 625 acres has been demarcated as DTA. The city is situated on the banks of river Sabarmati and is strategically located between the business capital (Ahmedabad) and political capital (Gandhinagar) of Gujarat.

MoU with Gujarat Maritime University

The Gujarat Maritime University signed a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority in GIFT City on June 21 to promote the Gujarat International Maritime Arbitration Centre (GIMAC).

This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector.

The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar. The Maritime Board has rented about 10,000 square feet at GIFT House which is part of the Special Economic Zone (SEZ) area with the clearance from the development commissioner.

To promote the Gujarat International Maritime Arbitration Centre (GIMAC), a Memorandum of Understanding (MoU) has been signed by the Gujarat Maritime University with the International Financial Services Centres Authority in GIFT City on 21 June 2021. This is going to be the first of its kind centre in India that will manage arbitration as well as mediation proceedings with disputes related to the maritime and shipping sector. According to an IE report, the GIMAC will be part of a maritime cluster that is being set up by the Gujarat Maritime Board (GMB) in GIFT City at Gandhinagar, Gujarat. With the clearance from the development commissioner, the Maritime Board has rented nearly 10,000 sq. ft. at GIFT House which is part of the SEZ area. The GIMAC is expected to be ready by the August end.

In India, there are over 35 arbitration centres. However, none of these centres deals exclusively with the maritime sector. According to the report, the arbitration involving players from India is now heard at the Singapore Arbitration Centre. The plan is to come up with a world-class arbitration centre focused on disputes of the maritime and shipping sector that can help resolve financial and commercial conflicts between entities having operations in India. Globally, for arbitration for the maritime and shipping sector, London is the preferred centre.