"Interest in the Indian market is growing among many Japanese companies...NRI will provide them with much quicker and more elaborate research and consulting services, with our partnership with Market Xcel, we see great value coming to our efforts in this direction," NRI Director and Corporate Senior Vice President Shiro Tanikawa said in a statement.
The company however did not disclose financial details.
NRI's Indian subsidy will start operating in November, 2011. At first, it will have 10 staff members, but this figure will rise to around 30 after five years, it added.
NRI is one of the largest Japanese consulting firm, with about more than 600 professional consultant deployed in Japan and abroad.
Market Xcel offers solutions in the field of personalised research and has presence in Mumbai, Delhi, Bangalore, Kolkata and a network of field offices in 10 cities across the country.