Mumbai: The 'Times of India' (TOI) has signed a memorandum of understanding (MoU) with global media major 'BBC' for exploring possibilities of forging a long-term partnership in magazine publishing.

London-based BBC Magazines, a part of BBC Worldwide, was keen on partnering The Times Group in magazine publishing, TOI said in a release on October 25.

BBC is among the first major media companies to strike a deal in India following the recent relaxation in media ownership laws, it said, adding that the final and definitive shape of the partnership would be discussed and finalised by the two media houses in a few weeks.

BBC Magazines managing director Peter Phippen said, "All indications are that the magazine industry in India is capable of significant expansion in the coming years and this is an enormously exciting time to be entering the country."

TOI Group managing director Vineet Jain said, "It is very exciting opportunity for us. The partnership, when it is finalised, will provide a window for two enormously talented media giants from across continents to pool their potential and provide our esteemed readers with significantly better offerings."

The Times Group currently publishes entertainment title 'Filmfare' and 'Femina', a women's magazine.

PTI