This is the first such deal between the channel and the production house.
The deal will give a push to the increasing association of Bollywood and the TV industry, says Gaurav Gandhi, Group CCO - Viacom 18 Group and head of international business.
"Colors has always been a trend-setter in bridging the gap between the two screens. With this association with YRF, we have taken a step further in bringing together properties which share a common theme of identifying and encouraging the real Indian talent, " Gandhi said in a press release.
As part of the deal, the channel will also promote the film on their show "India's Got Talent - Khoj 2".
In the film, Neil Nitin Mukesh plays a boxer who fights blindfolded and Deepika Padukone essays a visually challenged girl who has mastered the art of dancing on skates. "India's Got Talent" is integral to the script of "Lafangey Parindey" as both the lead actors are seen participating in the show in the movie.
It made sense for the production house to opt for such marketing through the TV show.
"'Lafangey Parindey' will soon be showcased on Colors. We are extremely happy to have entered this unique association, involving a marketing in-film integration and the film's consequent acquisition of its television rights, with one of the leading channels in the country, " said Akshaye Widhani, vice president, Yash Raj Films.
Colors has earlier bought rights for films like "Blue", "Ajab Prem Ki Ghazab Kahani", "Kites" and "Raavan".