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The purchase is the first major investment in an Indian newspaper by a foreign media investor.

The deal will see all editions of the Indian paper carry a dedicated page of FT content from Monday to Saturday and FT content will also appear on the website.

John Ridding, editor and publisher of the Financial Times in Asia, said: "India is a very important market for the FT and growing our brand and business in India is the next step in the evolution of our Asia edition.The agreement reflects our global business strategy of investing in leading titles in local markets while continuing to promote the FT brand."

The FT's intention was first announced in September 2003 and since then the two papers have been cooperating on a variety of initiatives such as publication of FT content in the Business Standard from the FT's global network of reporters.

The FT joins a number of other investors in the Business Standard, including Kotak Mahindra Group and Great Eastern Shipping. The deal gives Pearson a seat on the board of the paper, which will continue to operate independently.

The FT recently became the first global newspaper to publish in Australia.

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