The film, starring Mallika Sherawat and Ranvir Shorey, is set for release July 25.
Shailendra Singh, joint managing director PPC, said: "With the acquisition of 'Ugly Aur Pagli' we are looking at a long term relationship with PNC. The movie has the potential to strike an impressive balance between a light hearted romance and a comedy, a genre of which there has been a dearth in recent times.'
"Ugly Aur Pagli" is romantic comedy directed by Sachin Khot and is supported by an ensemble cast featuring Zeenat Aman, Mika, Hard Kaur and Payal Rohatgi.
Pritish Nandy, chairman PNC, said: "We are delighted to take ahead with PPC the idea of making intelligent, interesting and commercially viable movies for the new generation of viewers, who currently form the core viewership of our films.
"The business of movie making in India is increasingly becoming a business of partnerships and alignments. The PPC-PNC relationship is based on a common vision of where Bollywood is going."