The project borrows its title from the 1966 Bollywood hit of the same name but is not a remake of the Asha Parekh, Joy Mukherjee-starrer.
It will be shot almost entirely in Japan and will be co-produced by Imtiaz's Window Seat Films and Shochiku with the director's brother Arif Ali at the helm.
Imtiaz, who featured the country briefly in his last release "Tamasha", says he is looking forward to explore "fascinating" Japan and its culture through this movie.
The director says the idea for the joint collaboration came up during a conversation with Shochiku's CEO, Jay Sakomoto.
"We talked about how there are so many things that are common between people living in various cities of Asia. We discussed if it was possible to make a movie which tells you about people from different places and can also translate to audience at different places.
The filmmaker says Arif was always his first choice to direct the movie.
"I collaborated with Arif and developed the story. The story originated from me and Arif developed it further... I am involved even as we are writing the story.
"I have seen Arif's work in theatre and his writing for television. The movie (Lekar Hum Deewana Dil) that he directed did not do well but the industry gives you many chances if the movie is good. His film was good but it could not reach out to the audience. He was always my choice to make this film."
"After I came back from the shoot, Sochiku approached me back, saying they had got all the rights of the movie 'Love in Tokyo' which they found was a big hit. They said 'we would like to make another movie', which you can call 'Love in Tokyo' But I did not want to remake the original, just retain the title and they agreed."
Imtiaz says they are planning to begin shooting the movie this year around "summer and autumn".
Mitsuhito Hosoda, the Deputy CEO of Shochiku, says they are looking forward to work closely with Hindi cinema with this new venture.
"At Shochiku, we have quite a few first time efforts to our credit that have changed the map of cinema in Japan. We produced the first ever color motion picture in our country and have bridged enduring tradition with modern tastes by retaining interest in Kabuki theatre.
"In joining hands with Window Seat Films, we have begun yet another first time effort- of working closely with popular Hindi cinema. We view this as a huge opportunity and hope to lay the foundation for creative, quality films with this venture.
Disclaimer: No Business Standard Journalist was involved in creation of this content
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