The group, which owns Manchester City, has agreed a deal to take a 65 per cent stake in Mumbai City FC in the Indian Super League.
CFG also has majority stakes in New York City in the US, Melbourne City FC in Australia, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona FC in Spain and Sichuan Jiuniu FC in China.
CFG chairman Khaldoon Al Mubarak said on cityfootballgroup.com: "We believe that this investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole.
"City Football Group is committed to the future of football in India and to the potential for Mumbai City FC within that future.
"We are very much looking forward to playing an active role in Mumbai City FC's fan and local communities, and working with our co-owners to further develop the club as quickly as possible."
The news comes a day after it was announced American technology company Silver Lake had acquired a 10 per cent stake in CFG in a £389million investment deal that values the group at £3.73billion.
That takes the group's value above that of Real Madrid, Barcelona and Manchester United in figures published by Forbes in May.
Across all sports, only NFL side the Dallas Cowboys had a greater value at that point, of £3.88bn.