World Snooker chairman Barry Hearn said, "this is a momentous announcement for snooker as we stage a world ranking event in India for the very first time".
"If we can replicate the phenomenal success we had in China then India will be a very exciting prospect."
"I have been in Delhi to finalise the agreement and have witnessed first-hand the enthusiasm for snooker in India", Jason Ferguson, chairman World Professional Billiards and Snooker Association added.
Aditya Mehta who reached the last 16 of the International Championship last season and Pankaj Advani who got to the semi-finals of the Paul Hunter Classic and the quarter -final of the Welsh Open will be representing India.
A qualifying round will be held at at the Doncaster Dome in August with players needing to win one match to earn a place at the tournament in India, which will be held from 14 to 18 October.
(with agency inputs)