Fortune is planning to launch an edition of its magazine for India, and, per Indian law, will enter into a partnership with a local company, still to be chosen.
The business magazine, published by Time Inc., is required by Indian law to either partner with an Indian business or award a license to a local company to publish news in India. Time Inc. will award a license but has not yet named its partner company.
The American company will receive a royalty from its licensing partner.
A formal announcement of the deal is expected closer to the start date of the Fortune Global Forum. The Forum, sponsored by Fortune, takes place in New Delhi starting October 29. It will be attended by business executives from around the world.
An Indian edition of Fortune would join a rapidly growing group of American titles looking to capitalize on the growing middle class in India. Cond? Nast launched Vogue India earlier this year. Maxim recently re-launched in the country, and it will be joined by fellow men’s magazine FHM in October.
An American version of Fortune is currently published every two weeks in India. It has a paid circulation of around 8,000. The Indian edition could increase the rate base to 80,000.