Producers Yash Raj Films made the announcement via their official Twitter page.
The story of the film is about a man and woman, who represent two completely different Indias, and also deals with their love-hate relationship, according to the statement on the micro-blogging site.
Talking about the new project, Dibakar said, "This feels like my first film, again. I've had to unlearn everything I know to tell this story about a man and a woman who can't stand each other but can't survive without each other."
"His films are so different and always make an impact. I am so ready to bite my teeth into this character and give the audience something intense!" she said.
Arjun, who made his debut with YRF, said it was great to come back to the studio.
"It feels great to be back home at YRF working with Adi sir and Parineeti, my most amazing and first ever co-actor. Dibakar Banerjee is a name synonymous with being the torchbearer of evolving new age cinema that engages and entertains. I can't wait to work under his tutelage and vision."
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