Justice Minister Michael Masutha said the agreement is not a broader extradition treaty, but is limited to the Gupta case.
The Guptas have said in court papers that they are innocent, and that they want their frozen assets back.
The man who filmed Ajay Gupta in Dubai is under investigation by UAE authorities.
Justin van Pletzen filmed a relaxed Ajay Gupta in Dubai earlier this month.
The Guptas have so far failed to appear before Indian authorities despite previous summonses being issued.
An intrepid (and angry) businessman spotted one of the elusive Gupta brothers in Dubai on Wednesday morning.
'Losing her in such a brutal manner has left the family both bewildered and shocked.'
The Guptas reportedly hatched a plan to fund their hospital with funds siphoned off from provincial health department contracts.
The Hawks have reportedly kept it a secret that arrest warrants are out for all three Gupta brothers.