The 27-year-old actress is co-producing the film with with Fox Star Studios. She will be sharing screen space with singer-actor Diljit Dosanjh and Suraj Sharma, of 'Life of Pi' fame.
The movie has been tagged as an uncommon romantic film set in Phillaur, Punjab. It will be directed by debutant Anshai Lal.
"'Phillauri' has a unique premise. It took almost 100 years, a crazy Punjabi wedding and rank strangers to complete this love story, and that's the crux of the film," said Anushka Sharma.
The actress made her debut as a producer through her Clean Slate Films with last year's much-acclaimed crime drama 'NH 10'.
"Anushka Sharma is a phenomenal actress and has proven that she is a producer par excellence with her brave first film. We are thrilled to be working with her," said Vijay Singh, CEO, Fox Star Studios.
The film goes on floors in April this year.