Not much was known about Anurag Kashyap's Bombay Velvet. Until now that is. The latest word on the ​Ranbir Kapoor–Anushka Sharma starrer is that it's based in Mumbai, in an era spanning from the 1950s to 1970s, and is the first film in a trilogy of how the city became a bustling metropolis.

Apparently, Fox Star Studios are so impressed with the script of the film, that they've decided to co-produce the film alongside Phantom Films.

“We are delighted to partner with Anurag on his next directorial venture Bombay Velvet. What will make this cinematic journey unique will be the presence of Ranbir Kapoor and Anushka Sharma as the lead protagonists," Vijay Singh, CEO, Fox Star Studios, India, said in a statement.

Singh believes Bombay Velvet is an example of "high concept cinema"

Kashyap, who is set to receive a French honour at Cannes and has earned accolades galore for his short film in Bombay Talkies, says Bombay Velvet has a story that "fascinated" him.

"Bombay Velvet is my first film in a trilogy about Bombay before it became a Metropolis. It’s a story that has always fascinated me and we have been developing it for about four years, and I am very excited that now its fully ready and we begin shoot this year," he said.

The film which releases Christmas 2014 also stars Naseerudin Shah in a key role.