India Inc on Saturday hailed the Supreme Court for deciding on a centuries-old dispute over ownership of a plot of land in Ayodhya, paving the way for construction of a temple at a site which Hindu groups believe is the revered birthplace of Lord Ram.

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Anand Mahinda, Chairman of Mahindra Group, tweeted that he salutes the five judges of the Supreme Court for showing "extraordinary courage". "5 men. A decision that 1.3bn people were awaiting. What extraordinary courage it required to be on this bench & what incredible application of mind it must have taken to reach the conclusion. I salute them for doing their duty & upholding the process of justice in our nation," he tweeted.

In a unanimous verdict, the Supreme Court's five-judge bench asked the government to allot a five-acre plot in a "prominent" location in the holy town of Ayodhya in Uttar Pradesh for constructing a new mosque.

The disputed 2.77-acre plot will now remain with a central government receiver, who will hand it over to a government-created trust that must be created within three months. The trust will be tasked with the construction of the temple.

Commerce and Industry Minister Piyush Goyal said: "This is a welcome decision of the Supreme Court which has been taken unanimously by the court. This decision has led to the end of decades old legal issue".

The minister appealed people to accept the SC order and maintain peace and tranquillity. This historic decision of the Supreme Court will further strengthen the culture, tradition and unity. "I thank the judiciary, all organisation, society and people who were involved in resolving the matter," Goyal said.

On the verdict, Road Transport, Highways and MSME Minister Nitin Gadkari tweeted, "We should respect Court verdict on Ayodhya maintaining peace and restrain".

IFFCO Managing Director U S Awasthi in a tweet said, "Welcoming the 5 bench apex Supreme Court order of giving the disputed land to Hindus for the #RamMandir and giving the alternate land 5acre land to Muslims. A good peaceful resolution to the entire issue. Let's maintain the peace & harmony".

Minister of state for finance Anurag Singh Thakur, while welcoming the historic judgement, in a tweet said that Ram is symbol of maryada (dignity), religion and patience. The Supreme Court verdict has kept interest of everyone in mind and it is rationale and just, he said adding he welcomes the judgement from bottom of his heart.

He further said this is the beginning of a new era and there is a need to portray an image of India that is united. The government under the leadership of Prime Minister Narendra Modi is committed to the spirit of Vasudhaiva Kutumbakam and taking everyone along, Thakur said.

Industry body PHD Chamber of Commerce and Industry said the Supreme Court verdict going forward will harness communal harmony in the world's largest democracy and will lead to the holistic growth and development of the country. Congratulating each citizen of India, PHD Chamber President D K Aggarwal said, "This is a win-win verdict for all".

The decades-old dispute has finally found its closure, JSW Steel CMD Sajjan Jindal said. "The Supreme Court and the bench must be admired for their unanimity in arriving at a measured judgement that ensures that communities move forward respectfully and work towards a more united nation," Jindal said.