Shilpa agreed to accept the role after weighing pros and cons, he said.
The film is to be produced by Puru Patel who is talking to Hollywood star Keno Reev of "Matrix" series fame to play the role of Rama, Bhagwagar told Aaj Tak.
The producer is also in talks with some Hollywood actors to play the character of Hanuman, he added.
Bhagwagar said the actress had got 10-11 offers from the UK, 6-7 offers from the US to act in films there but she has so far agreed to act only in the project being undertaken by Patel.