"The news couldn't have come at a better time as 'Devdas' completes 10 momentous years. It is a very proud and happy moment for me," Bhansali said.
'Devdas', inspired by Sarat Chandra Chattopadhyay's 1901 novel, featured Shah Rukh Khan as Devdas, Aishwarya Rai as Paro and Madhuri Dixit as Chandramukhi in key roles.
The film took the eighth spot on Time magazine's list, topped by 'WALL.E'. The list includes films like 'Avatar', 'The Hurt Locker' and 'Moulin Rouge!', with 'The Artist' taking the last spot.
Bhansali says it's an achievement for the Hindi film industry.
"For a mainstream Hindi film like 'Devdas', to gain such a cinematic recognition and be a part of such an illustrious list is an honour, not just for me but for Indian film industry at large," he added.
Time describes Shah Rukh as an "all-world charismatist" and Madhuri as "a hot number who had danced flamenco on men's libidos for a decade or so before appearing in this worldly-wise role" of a prostitute.