Sanjay Leela Bhansali
Eros International reportedly opted out of Sanjay Leela Bhansali's Padmavati. Pictured: Sanjay Leela BhansaliVarinder Chawla

Eros International and Viacom 18 were supposed to jointly produce Sanjay Leela Bhansali's upcoming movie Padmavati. However, latest reports suggest that Eros International has backed out of the project and thus, Reliance Jio has been approached.

It was earlier reported that Eros International had joined hands with Viacom 18 as producers of Deepika Padukone-starrer Padmavati. The huge budget of Rs 150 crore was apparently the reason behind the collaboration.

Eros International has now opted out of the movie but the exact reason for the decision is not clear, according to Bollywood Hungama. While financial losses in the recent past for a number of flop movies is supposed to be a reason behind not making such huge investment, the report also quoted a source saying that Eros had never confirmed its association with the film.

"Eros had never really announced any association with Rani Padmavati. All stories that have been floating in the media have been speculative. So there is no question of Eros backing out of the project," a source told the publication.

The report also said that Sanjay Leela Bhansali now approached Reliance Jio to collaborate with Viacom 18 as producers of Padmavati and the deal has almost been confirmed. Although the cast of Padmavati has not been confirmed, reports suggest Deepika will be seen sharing screen space with Ranveer Singh and Shahid Kapoor in the film.

After the success of Bajirao Mastani, there is much expectation from the movie Padmavati and it is touted to be one of the most ambitious projects of Sanjay Leela Bhansali.