Oval Invincibles will be re-branded as MI London from 2026 after a deal between the Hundred franchise and the owners of Mumbai Indians.
Surrey, who host the Invincibles matches at their Oval stadium, will retain a 51 per cent share in the team, while Reliance Industries Limited now hold the remaining 49 per cent.
Both the men's and women's teams will be renamed as MI London in the Hundred next year.
The Invincibles have won five titles in five years across both men's and women's tournaments and are the latest team to become part of the Mumbai Indians name.
"We're pleased to have reached an agreement with the Reliance team over our partnership in the Hundred franchise team," Surrey chairman Oli Slipper said.
"Reliance bring a significant depth of cricket and business expertise and have had great success with their franchise teams in India and around the world. There's no doubt that they are here to win."
Mumbai Indians are the joint most successful men's team in the Indian Premier League after winning the title five times.
Reliance, who also have MI franchises in New York, Cape Town and Abu Dhabi, are reported to have paid around £60 million ($80 million) for their share in the Invincibles.
"We are delighted to welcome MI London into the family and take the MI legacy to new frontiers," Reliance founder Nita Ambani said.
The England and Wales Cricket Board also confirmed on Wednesday that Chelsea co-owner Todd Boehly's Cain & Ares Management Credit group finalised their investment in Trent Rockets in October.
Deals involving all eight Hundred sides have now been completed after stakes in the other six franchises were sold in July.