MoUs inked between MMRDA, DIFC and QFC will enable further cooperation with the Indian centre
Dubai International Financial Centre (DIFC) and Qatar Financial Centre (QFC) will assist Mumbai Metropolitan Region Development Authority (MMRDA) in setting up the Mumbai International Financial Services Centre (IFSC) at Bandra-Kurla Complex.
Earlier this week, Memorandam of Understandings (MoUs) were signed for the same. “We have signed MoUs with DIFC and QFC to provide mutual cooperation in the field of IFSC. This is an important step towards setting up our IFSC in Bandra Kurla Complex,” said UPS Madan, Metropolitan Commissioner, MMRDA.
These agreements will enable further cooperation between DIFC, QFC and Mumbai IFSC and share best practices and develop co-services to better serve the increasing demand of investors in this region.
Earlier this week a high level delegation comprising of state bureaucrats like UPS Madan, Kaustubh Dhavse (Officer on Special Duty to CM) and Anubhuti Sanghai, General Manager-ICICI Bank had been to Dubai and Qatar for discussions and signing of MoUs.
This tie-up comes after studying various international IFSCs. ICICI Bank’s Chief Executive Officer and Managing Director Chanda Kochhar was given the task of studying and recommending international IFSC tie-ups. The exercise spanned over 8 months with analysis and presentation by Kochhar on the possible partnerships with DIFC and QFC and its mutual benefit to the region.
Last year, the first ‘International Arbitration Centre’ was established in Mumbai. Few laws were amended by the Maharashtra government to enable arbitration centre to function in Mumbai.
Meanwhile, a master plan for the Mumbai IFSC is currently under preparation by a private consultant. There is a possibility of Mumbai-Ahmedabad bullet train and Mumbai IFSC co-existing on the same parcel of land. In the last couple of years, there has been a dispute between the state and union government owing to selection of same plot for both the projects.
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