The operator of the New York Stock Exchange and three other investors will buy a combined 20 per cent of India's biggest stock exchange in an agreement that will give the US bourse access to one of the world's fastest-growing markets.

NYSE Group will pay $115 million (€88 million ) for 5 per cent of the National Stock Exchange, the maximum share in an Indian equities market permitted for a foreign investor.

Goldman Sachs, the US investment bank, General Atlantic, the private equity firm, and Softbank Asian Infrastructure Fund will also each buy 5 per cent in a deal valued at $460 million.

The move continues the swift consolidation of exchanges. NYSE is due to complete its merger with Euronext, the European exchange operator, by the end of this quarter, and made clear it remained interested in a presence in Asia. This will intensify the battle among exchanges for international listings.