The first movie, "Munnabhai MBBS", in 2003 marked Hirani's directorial debut and was a hit at the box-office. It was followed by a successful sequel, 2006's "Lage Raho Munna Bhai".
The third part was announced a few years ago but it is only now the director has cracked its script.
"We are working on 'Munnabhai' third part. After several years we have cracked an exciting idea... It is of that level. The third part of the film has to be better than the previous one. We have got a script of a calibre," Hirani said on the sidelines of MAMI festival here.
"When we write, we do not think of casting. We are making third part of 'Munnabhai' and it will definitely have Sanjay and Arshad. Writing should be free flowing. We are still writing the script, we have not reached casting yet (for other actors)," Hirani said.
"Munnabhai MBBS", a comedy, was a story of a goon who goes to a medical college, which also featured Sanjay's father late Sunil Dutt.
Its sequel "Lage Raho Munnabhai" saw Munna (the goon) using principles of the Gandhian philosophy to bring about a change in the society.
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