As part of the deal, Reuters will supply branded programming to the channel. The new channel being launched by The Times Global Broadcasting is set to take advantage of the huge growth in India's cable TV market, which is now the world's third largest with 44m.
The 24-hour channel will initially broadcast in English with a mix of news and current affairs targeting the growing urban television audience.
Chris Ahearn, president of Reuters Media, said: "Reuters has been doing business in India for almost 140 years and is synonymous with trusted, independent and accurate information. Working with the Times Group in this way enables us to enter India's dynamic broadcast industry and reach its rapidly growing, information-hungry audience."
The Times of India Group already publishes the largest English-language broadsheet newspaper in the world and it has interests in magazines, radio, music, the internet and retail. Its website is the largest in India.
Vineet Jain, managing director of The Times of India Group, said: "We have built our heritage and standing with generations of Indians the world over through our flagship newspaper. This TV channel is the natural next step in offering our news to a rapidly growing and discerning urban audience."
The news station is one of a number of premium cable channels the group is launching. The first of these, Zoom, was launched late last year and is already available in more than 22m homes across India. The launch of the new channel marks the group's entry into news broadcasting.
The station will operate out of Mumbai and Delhi, and will be supported by offices around the country. Reuters has been in India since in 1866 and it now has five bureaux in key cities across the country, employing more than 821 people in India.
Last week, Reuters reported a fall in core subscription revenues down 1.4% to £530m.
Separately, Iraqi police were reported to have detained a Reuters television cameraman for more than 24 hours in the northern city of Mosul. The father of cameraman Nabil Hussein was also detained after he tried to visit his son a few hours after the arrest.
According to reports, about 20 policemen raided the home of Hussein on Saturday morning and then beat him, his driver and a fellow journalist before detaining them. The driver and the second journalist were released later on Saturday.
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