Jaiprakash Associates will be the owner of the Punjab-based team.
"We are delighted that Jaypee Associates will be one of the six franchises that will launch the Hockey India League," Hockey India Secretary-General and HIL Chairman Narinder Batra said.
"When we have such groups as Sahara India and JAL as the first two HIL franchises, we not only feel encouraged that Indian hockey will get a fillip but also believe players from around the world will love competing in the tournament," he added.
JAL Executive Chairman Manoj Gaur said he is thrilled that JAL is a HIL franchise.
"By participating in HIL, the Jaypee Group has taken a definite step forward on way to help Indian hockey regain glory.
"The Punjab franchise that we have taken will get the Group's full backing and we will be able to raise a world class team. We will arrange best of coaching and other facilities for our players so that they could be trained to not only lift the HIL Trophy but also contribute in India winning major international tournaments," he said.
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"Our participation in HIL is in a way also redemption of our Founder Chairman Shri Jaiprakash Gaur's dream of grooming a battalion of young hockey players who will, in turn, help India dominate international hockey for a long time to come," he added.
The Hockey India League, which has secured a window on the International Hockey Federation (FIH) calendar, will see six teams play on a home-and-away basis.