The 60-cover two-storey site on Maddox Street in Mayfair, which Bosi closed in October last year, is expected to re-open later this year.
Mumbai-based Leela Palaces, Hotels and Resorts opened its first international outpost - Jamavar - on nearby Mount Street in November last year.
Dinesh Nair, co-chairman managing director of Leela Palaces, Hotels & Resorts and daughter Samyukta secured the former Hibiscus site through Restaurant Property with a rent of £185,000 per year with a premium of £1m.
In a statement Samyukta Nair said the restaurant would be 'an independent venture, which focuses on a casual Indian concept'.
Restaurant Property founder and agency director David Rawlinson said despite a downturn in premiums being paid, demand for commercial property in Mayfair 'remained very high'.
Bosi, who had traded Hibiscus from the Maddox Street site for nine years before announcing it would close, is due to open restaurant Claude Bosi at Bibendum this spring following a refurbishment of the site on London's Fulham Road.
Established in 1986, The Leela Palaces, Hotels and Resorts owns and operates nine properties in India. It is owned by Hotel Leela venture Ltd, a publicly listed company.