"As a studio, we have always believed in backing upcoming talent who have the potential to bring entertaining cinema to audiences," said UTV Motion Pictures CEO Siddharth Roy Kapur.
"The fantastic script written by Akshat was undoubtedly one of the key reasons behind the success of 'Delhi Belly' and judging by his concept and vision, we believe he'll write and direct a superb film," he added.
Akshat, who has studied film at the University of California, Los Angeles, is happy to have a strong backing for his debut directorial venture.
"Working with UTV on 'Delhi Belly' was a fantastic experience for me.
To have a major studio get behind your film completely enables you to do your best work - I'm inspired and excited to be working with UTV again on my next film," said the Delhi-based writer.