Deutsche Boerse has bought a 5% stake in India's Bombay Stock Exchange (BSE) in a deal worth $910m (£466m).
Deutsche Boerse's bid for Euronext failed
The deal represented "fair value" for the Frankfurt-based operator, BSE chief executive officer Rajnikant Patel said.
At the same time, the Singapore Exchange said it was "still in talks" to buy a 5% stake in the BSE.
BSE, Asia's oldest bourse, is expected to sell off a total of 26% of its business, with a maximum of 5% allowed for each investor.
The German exchange's move comes after last year's failed takeover bid for its European rival, Euronext.
Deutsche Boerse said the deal allowed it and BSE to "strengthen their collective competencies across a broad spectrum of business areas".
"The agreement brings together two institutions of impeccable pedigree and proven capabilities to work towards exploring opportunities to grow the respective exchanges," it added.
These included more products and helping each other in promotional activities.
Deutsche Boerse boss Reto Francioni said the move was important for the firm's expansion into Asia.
"We see the exchange business becoming increasing global and this partnership is our joint effort to benefit from each other's strengths while establishing a presence in multiple time-zones and regulatory environments."
Mr Patel said the deal was "a firm beginning towards bringing the global markets to India".
The proposed deal with Euronext had won the backing of French President Jacques Chirac and German Chancellor Angela Merkel.
However, Euronext kept Deutsche Boerse at length as it pursued a tie-up with New York Stock Exchange-owner NYSE Group instead.