Dhoni bought the team along with Subrata Roy's Sahara India Pariwar, who already is the owner of the Uttar Pradesh Wizards side in the HHIL.
The new Ranchi franchise will be known as 'Ranchi Rays' from third edition of HHIL to be held in January-February next year.
Dhoni, a proud son of the city, himself was present on the occasion and unveiled the team logo and jersey at a posh city hotel here.
The previous Ranchi franchise known as Ranchi Rhinos, who were the inaugural champions of HHIL, was scrapped following a distrust between previous owners Patel-PS Group and Uniexcel Group and league organisers Hockey India (HI).
As part of the arrangement, Dhoni is the principal owner of the new Ranchi franchise and Sahara are expected to provide logistical support to the team.
Besides cricket, Dhoni already has invested in two other sports Mahi Racing and recently became the co-owner of Indian Super League side Chennayin FC.
Talking about his association with hockey, Dhoni said being a sportsperson it was natural for him to promote the national game.
"It is a special day for me, the reason being today I became associated with hockey and own the Ranchi team," Dhoni told reporters at the unveiling of the Ranchi Rays team.
"It is a real pleasure to be associated with hockey. My first and foremost responsibility is to play cricket, but being a sportsperson my natural inclination is to promote sports," he added.
Sahara Group is trying to raise money to secure bail for its chief Subrata Roy. In fact, the company is trying to seal the deals to sell his three luxury hotels in New York and London to raise Rs 10,000 crore.
Subrata Roy was jailed in March amid a long-running dispute of Sahara group with the capital markets regulator Securities and Exchange Board of India (Sebi) over repayment of billions of dollars to investors who were sold certain bonds.