BCCI president Jagmohan Dalmiya announces the deal

The Zee network beat ESPN-Star Sports to land the four-year deal with the Indian Board of Control (BCCI).

But the decision has caused anger, with ESPN claiming the Board had violated its own tendering process.

Managing director Rik Dovey said: "We feel the proceedings clearly were a denial of natural justice."

The sum offered by Zee is almost six times more than the previous contract cost the state run broadcaster Doordarshan over the past four years.

Zee made the higher initial offer of �146m and matched ESPN when they upped their �129m bid to �173m.

"Zee are the highest bidders, so they will get the rights provided certain conditions are met," said BCCI president Jagmohan Dalmiya.

The company has been asked to make an initial �11.25m payment by the middle of this week and to provide a bank guarantee for a further �42m by 15 September.

The remainder will be paid in instalments during the lifetime of the contract.

The Times of India estimates Zee will make a net profit of �112m at the end of the four-year period.

Cricket attracts three quarters of all sports advertising in India and TV coverage attracts millions of viewers.

Zee expects to screen 144 days of international cricket over the four years, beginning with next month's Test series against Australia.

"We have worked very hard to get this contract and will not be found wanting," Zee chairman Subhash Chandra commented.