The film will be directed by Santoshi with Rai producing it via his banner, Colour Yellow Productions.
Santoshi is best known for classic films such as "Andaz Apna Apna", "Ghayal" and "Khakee".
Prior to this project, he had directed Shahid Kapoor- Ileana D'Cruz-starrer "Phata Poster Nikhla Hero" in 2013.
"Aanand and I and have a great connect and mutual admiration for each other's work. I am very happy to take this ambitious project forward with him. Looking forward to an exciting journey on making this film," Santoshi said in a statement.
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