Bipasha started her Bollywood career with 'Ajnabee' but got her first box office hit with the horror movie. Bhatt, 63, says he has been on the sets and is happy with the way the Vikram Bhatt directed film has shaped up.
"Bipasha is going to reinvent herself with 'Raaz 3'. She will reprise her acting skills and will dazzle the screen. We are happy that she is back with us and don't want to miss the opportunity to bring the best out of her.
She did a fabulous job in 'Raaz', which gave her the due recognition in the industry, " Bhatt told.
The filmmaker, who took a break from direction after the release of Sanjay Dutt's 'Kartoos' in 1999, has no plans to go behind the camera again despite giving meaningful films like 'Arth', 'Saaransh' and 'Zakhm'.
"I am bored of making films. I have given my 12 years to the industry and always felt that you are not a human being if you don't have a story to tell.
After all these years, I am concentrating on making stars out of normal actors and churning out good stories from new filmmakers, " said Bhatt, who was in the capital to launch Aruna Mukim's book 'Doosra Rukh'.
Bhatt has offered Indo-Canadian porn star Sunny Leone her first break in Bollywood with 'Jism 2' and given a different look to Kunal Khemu in 'Blood Money'.
"There are some faces in the industry which need to be nurtured. They have immense talent but they are not getting right scripts.
Sunny Leone and Kunal Khemu are such actors. Sunny is working hard for the film and I have complete faith on her that she will come out as a surprise package, " he said.
In 1987, Bhatt turned producer and set up his own banner Vishesh Films, with his brother Mukesh Bhatt, which is known for making films with bold content.
With films like 'Hate Story', 'Dangerous Ishq' and 'Jannat 2' awaiting their release, Bhatt feels a new genre of films has taken the front seat in the industry.
"Erotic component in the films has increased for past few years. The world wide web has changed the way of our society and paved a way to the bold content in films too, " Bhatt said.
Bhatt has made many films inspired by his personal life. He is looking forward to start the production of 'Aashiqui 2', the sequel of 1990 film 'Aashiqui', which was based on his first love.
The sequel too will have elements from his life. "There is a partial reference of my life in this film but director Vishal Mahadkar is writing a new script, " he said.