Has UTV taken over as the co-producer of Rakeysh Mehra's Hindi-English venture, "Rang De Basanti"?

While UTV's Ram Mirchandani (vice-president, production) has maintained silence over the issue, reports indicate that Mehra has struck a handsome deal with UTV, reports Bollywood Trade.

The estimated budget of the film ("Paint it Yellow" in English) is around Rs.400-500 million ($9-11 million).

Meanwhile, UTV has got a promising line-up of films in the coming few months ranging from a Ramgopal Varma production to Chandan Arora's "Main Meri Patni Aur Woh" and Vishal Bharadwaj's "The Blue Umbrella". There is also a Somnath Sen film in the offing besides one with Aparna Sen.