PVR Pictures Limited, the film production and distribution arm of PVR Group, has signed a development deal with Dibakar Banerjee Productions (DBP) for a film to be directed by Banerjee and financed and distributed worldwide by it.

The movie called "Shanghai" is in the advanced stages of casting and is slated for a 2011 release.

"Dibakar is undoubtedly one of the finest among the new breed of Indian filmmakers. We are delighted to present Dibakar's next film and look forward to launching many more films under the ambit of this relationship with him, " Ajay Bijli, chairman and managing director, PVR Group said.

"This raw, edgy and very contemporary political thriller is something both of us fell in love with together! And I believe a film is worth making when both the director and the producer have the same kind of hots for the subject. I'm looking forward to an exciting year with Ajay and his team, " said Banerjee.

The filmmaker has made successful films like "Khosla Ka Ghosla", "Oye Lucky! Lucky Oye" and "Love, Sex Aur Dhoka" in the past.