The discussions are centred on the possibility of bringing Vimanika's characters like Karna, the greatest warrior in the Mahabharata, to television and film, reported Times online.
The talks with Disney are the latest effort by a Western media giant to tap the developing world's appetite for religiously inspired superheroes.
Vimanika, which publishes in English and in Hindi, has been operating for a year and sells its comics in India and the United States. It will begin distribution in Britain this month.
Disney's rivals have already found success with revamped mythology. Cartoon Network, the cable channel owned by Turner Broadcasting, started out in the subcontinent a decade ago by dubbing Western shows in regional languages.
It soon turned to local animators for local content, such as Krishna Balarama, which told the story of a popular Hindu god.
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