When Balaji Motion Pictures announced their withdrawal from film production business, the news took Bollywood by a storm. But here’s good news. The production company is all set to make a comeback in a big way.

A close source reveals, “Balaji is going to revive itself with Laila Majnu, to be directed by Imtiaz Ali’s brother, Arif Ali. The project was announced a few months ago but there’s been no news on it thereafter. In all probability, this film will feature newcomers. The film is a love story of a Hindu-Muslim couple, set in Kashmir. The makers are keen to sign Kashmiri actors for the film.”

Arif made his directorial debut with Lekar Hum Deewana Dil, which featured Armaan Jain and Deeksha Seth. Buzz is that Balaji is also  on board as producer for Nikkhil Advani’s  Baazaar, and will take it up after the completion of Laila Majnu.