The agreement was announced during the FICCI Frames 2013 here.
It brings the total number of films included under the expanded partnership to three, the first of which is the upcoming action thriller "Dhoom: 3", which will open in IMAX theatres this winter.
"Paani" is a Shekhar Kapur directorial about water wars. The film will have a strong Indian and western star cast, headed by a young leading actor from India and a young leading actress from the west.
The project will be digitally re-mastered into the image and sound quality of the IMAX format.
"Since announcing the IMAX release of 'DHOOM:3', we've seen tremendous anticipation building among Indian moviegoers around this first-ever IMAX release of a Hindi feature film, and we're excited to add to this excitement with two more of our highly anticipated films, including our most ambitious one, 'Paani', " Aditya Chopra, chairman, Yash Raj Films Pvt. Ltd, said in a statement.
"We believe that together with IMAX, we will usher in a new era in Indian movie-going that will immerse fans into the drama, action and grandeur of Hindi movies like nothing they've experienced before, " he added.
IMAX is aiming at expanding its Bollywood film slate, said Greg Foster, chairman and president, IMAX Entertainment.