The film Karma, Confessions and Holi would be co-produced by Saregama Films and New York-based Rapture Productions Inc.
"Directed by NRI Manish Gupta, an alumni of New York Film Academy, this is going to be the first Indo-US co-production bringing Hollywood and Bollywood stars together in mainstream cinema," Sanjiv Goenka, Vice chairman of the RPG group, which owns Saregama Films, said.
The star cast also includes Randeep Hooda, Suresh Oberoi, Rati Agnihotri, Suchitra Krishnamoorthi, Deepal Shaw, Drena De Nero and Sticky Fingas. Negotiations were also on with christopher Walken, Debbie Mazor and Michael Busehimi, Goenka said.
Hollywood writer Marcus Guillory was commissioned to rewrite the film, originally written by Manish Gupta, to suit a global audience.
A film about Indian families, their relationships with local Americans and their internal conflicts, 'Karma ...' would be in the crossover genre epitomised by 'Monsoon Wedding' and 'Bend it like Beckham' , Goenka said.
The film will be shot on a non-stop schedule in New York and New Jersey, he added.