"'Rang Rasiya' will be released in November. We are working on the dates," Mehta told.
The movie is a sensuous love story about the great painter and his muse, a woman called Sugandhabai.
Randeep Hooda plays Ravi Varma, while Nandana Sen will be seen as the muse. Ready for release since 2008, the bilingual "Rang Rasiya" courted controversy for the number of sensuous scenes.
"It's a controversial subject and it's a not an economical film. It's a historical drama, a big film with a relatively new star cast, so releasing it was a challenge and finally we have found a distributor who is taking up the challenge and is courageous enough to release the film," he added.
After the release of "Rang Rasiya", Mehta will start scripting his next film. "Immediately after the release of 'Rang Rasiya', I'll start another film. It's too early to talk about it, so I can't give the details at the moment," he said.