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The actress and swimwear company boss, 41, will marry the Indian businessman, 42, in the English countryside on March 3, according to a banns – a public announcement of marriage – posted at the local register's officer in Cheltenham, Gloucestershire.
Before posting the document, the couple paid the standard fee of about $58 and spent an hour with a registrar going through the paperwork, a source at the council tells PEOPLE.
According to reports in the British press, the ceremony will be held at the country home of one of Hurley's friends and followed by a party in India.
Hurley and Nayar, a textile heir and computer-company owner, have dated since 2003. Nayar was previously married to Italian model Valentina Pedroni; Hurley, who dated Hugh Grant for 10 years, has a 4-year-old son, Damian, from a relationship with film producer Stephen Bing.
When the couple are in England they are mainly based at the 400-acre farm in Gloucestershire that Hurley bought in 2003. Country life, Nayar told PEOPLE in 2005, agrees with them: "I'll take Damian out on the tractor while Elizabeth cooks," he said. "It's a bit like the Waltons."
A rep for Hurley had no comment.
