Changes in the regulatory process in India have made entering the market easier, the company said, and India has a history of using complementary and alternative medicines which offers great potential.
If the move pays off more supplement companies could also look to target the country.
The firm said the agreement will give it access to the fourth largest pharmaceutical market in the world, and both Ranbaxy and Aristo Pharmaceuticals will be distributing supplements based on the probiotic Lactobacillus plantarum 299v.
Valérie Delahaye-Sarraute, deputy general manager of Institut Rosell-Lallemand said: "Recent regulatory progress, such as the adoption of the Food Safety and Standard Bill that officially recognizes the status of dietary supplements in India, together with a cultural tradition of complementary and alternative medicine, offers huge potential for scientifically supported probiotics in India.
"We are highly confident that the solid presence and reputation of our partners and the synergy of their distribution strategies will achieve optimal penetration of the Indian market."
The last few months have been a roller-coaster of a ride for Lp299v, with launches springing up in the Czech, Chilean and Greek markets.
Indeed, over the next few years growth in the market is expected to continue.
The probiotic supplement market is growing worldwide, and in Europe it is currently worth the most in Italy, according to Euromonitor, which values that economy at $310m (€219m).
Aristo Pharmaceuticals will market the probiotic under the Darolac IBS trademark.
The second partnership was finalised in September with Ranbaxy, which will launch the probiotic among gastroenterologists and other gastro specialists under the trade name of Leviosa299v.
Institut Rosell-Lallemand said Irritable Bowel Syndrome (IBS) is as prevalent in India as it is in Europe, Japan and North America, and is estimated at around 10 to 20 per cent of the population.
There has been documented evidence showing the potential of Lp299v's positive impact on IBS patients.
Institut Rosell-Lallemand said a placebo-controlled randomized study had shown intestinal discomfort was improved by up to 95 per cent in patients, compared to 15 per cent with placebo, while abdominal pain and bloating were also significantly decreased.
In the last two years - since lp299v was launched in the US - the strain is now available in South Africa, France, UK and Finland.
Lp299v is distributed under different trade marks by Rosell's partners, Bion Transit is the name of the supplement in France and Chile.
In Czech Republic, the partner is Rougier, in Greece Smart Intermed, and Nutrilida in South Africa.