Fluorescence correlation spectroscopy (FCS) has been used to study the formation of large nanotube aggregates involving gamma-cyclodextrin (gamma-CD) and coumarin 153 (C153). It is observed that the length of a gamma-CD:C153 nanotube aggregate is similar to 770 nm. This is similar to 480 times larger than the length of a 1:1 gamma-CD:C480 complex (similar to 1.6 nm) and similar to 950 times that of a gamma-CD. This implies that 950 gamma-CD units are noncovalently attached in the gamma-CD:C153 aggregate. Binding constants (K(b)) of both the dyes to gamma-CD were obtained from the fluctuation in fluorescence intensity. The rate of association and dissociation are obtained from the inverse of tau(off) and tau(on), respectively. The binding constant for the 1:1 gamma-CD:C480 complex is similar to 1000 M(-1). The burst integrated fluorescence lifetime (BIFL) histogram reveals presence of three distinct lifetime 1.8 ns (18%), 2.8 ns (69%), 3.2 ns (13%). These three lifetimes correspond to C153 present in bulk water and at the end and middle of the gamma-CD:C153 nanotube aggregate, respectively. The lifetime of C480 in the 1:1 gamma-CD:C480 complex is found to be 3.7 ns.