A day after Barack Obama's re-election as the US President, Indian film producer Ashok Pandey Thursday announced "Bach Gaye Re Obama!", a sequel to the 2010 satire "Phas Gaye Re Obama" (PGRO).

"PGRO had its roots in recession when Mr.Obama was battling it. Now, with Mr. Obama once again at the helm, it is a very apt time to make 'Bach Gaye Re Obama', the perfect sequel to PGRO where the story moves forward with an attempt to find a solution to recession," Pandey said in a statement.

PGRO narrated how the ripple effect of the recession-hit US was felt in rural India too. It received good reviews, Pandey believes 'Bach Gaye Re Obama' will be equally entertaining.

"If you liked PGRO you would love 'Bach Gaye Re Obama' too, as it promises to be a laugh riot," said Pandey.

"Bach Gaye Re Obama" is being slated to release in 2014. The producer plans to include actors from the original film as well as rope in other actors too, depending upon the final script.

Anshul Sharma, who was associate director of PGRO, will direct "Bach Gaye Re Obama", while the story and screenplay is being written by Rupesh Thapliyal and Vijay Manral.

The film is being produced under the banner of Revel Films.

The banner's second production "Saare Jahaan Se Mehnga" is in final stages of post production.