A new pair of Hollywood-based executive producers has stepped on board to revive the production, and the best selling book by the revered Vietnamese Buddhist monk Thich Nhat Hanh, "Old Path White Clouds", has been optioned for the project.

The movie rights to the book were purchased through a formal deal signed at the Carlton Intercontinental on the Croisette between Modi, who flew in for a day, and the renowned monk, whose "Engaged Buddhism" philosophy has many followers.

The search is now on for scriptwriters and a frontline director.

Modi will pump $120 million into the film, making it the costliest Indian production ever, and Hand Picked Films, a company run by Michel Shane and Anthony Romano, will be in charge of the production.

The shoot is expected to start early next year and the Buddha film is likely to be ready for the 2008 Cannes Film Festival.

Says Thich Nhat Hanh: "The Buddha has suffered far too much deification over the centuries. This film might help in making him human again. The idea is to make the Buddha relevant to everybody so that the world can become a better place."

According to Modi, the monk has sold the rights to his book on the understanding that part of the proceeds of the film will be used to help "needy children around the world."

"It is a great privilege for us to be able to bring the book to the screen," says the entrepreneur. "We intend to make the Buddha venture a major event film that will be talked about the world over."