Devgn played the lead in hit 2003 original, which was inspired by the blinding incident in Bhagalpur in 1979 and 1980.
Jha, who has collaborated with the actor on films like 'Dil Kya Kare', 'Gangaajal', 'Apaharan', 'Raajneeti' and 'Satyagraha', said Devgn is his mascot.
"As a filmmaker life long in your career you keep looking for a mascot and Ajay Devgn is the one for me. He gave me hope and faith and we continued to grow with each other.
Ajay said his friendship with Jha was 16-year-old.
"I was injured and resting at home when Prakash Jha came to me with the script of 'Dil Kya Kare' and after that we worked in many films. His films always have a strong message. People have always appreciated my work with him," he said.
Ajay said unlike the previous film, the reboot will have a female as the central character.
The director actor duo also announced plans to bring out a sequel to 'Raajneeti' and a new project titled 'Satsang', both starring Devgn.
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