Directed by Milan Luthria and produced by Ekta Kapoor and Shobha Kapoor, it is the much-awaited sequel to the 2010 blockbuster, Once Upon A Time in Mumbaai.
The sequel features a fresh cast - Akshay Kumar, Imran Khan, Sonakshi Sinha and Sonali Bendre.
The film will showcase the era of the 1980s and is reported to be a love triangle between the leading actors and the gang war of the gangsters.
The film also marks the return of Sonali Bendre to mainstream cinema.
Sporting white t-shirts with 'Once Upon A Time In IPL' printed on them, the cast interacted with the press on their film, their future projects and the Indian Premier League (IPL).
While Akshay thanked the city for having blessed him and taught him enormously, Imran said he expected to have his socks blown off by the city and IPL.
The demure Sonakshi confessed the city had come to be her second home, which is why she keeps coming back (with Vikramaditya Motwane's Lootera and Timangshu Dhulia's Bullet Raja).
The stars said OUATIM 2 promises a lot of drama and action.
Imran said, "It's a very appealing and engaging kind of film. Something I would like to watch. (It) makes use of every scene - action, comedy, romance. It's very entertaining."
"The film's USP is Sonakshi, since we're both fighting for her," Akshay quipped.
Quelling speculations of the story being inspired by real-life incidents, the cast insisted that OUATIM 2 was a work of fiction, that takes off from its prequel.
OUATIM 2 is slated for an Eid release, on Aug 8.