Indian conglomerate Tata is understood to have joined hands with UK-based New Star Asset Management to launch fund management operation in India, a media report in London said.

New Star, run by fund manager John Duffield would aggregate the money for the new venture, which would be run by 'Tata's main financial services subsidiary,' the Sunday Telegraph said in an article published in its online edition.

"Duffield is understood to have struck a deal with Tata Sons, the family's holding company, to launch a fund management operation in Mumbai. New Star will aggregate the money for the new venture, which will be run by Tata's main financial services subsidiary," it said.

According to the report, Duffield would "this week launch an attempt to cash in on one of the world's fastest-growing economies through a joint venture with the Indian businessman Ratan Tata."

However, the report could not be independently verified from Tata officials in Mumbai.

Meanwhile, the newspaper also added that the deal would come just a week after Tata secured the deal for the $2.3-billion takeover of British luxury brands Jaguar and Land Rover from US car maker Ford.