The movie has a new star cast, teamed with veteran actor Rishi Kapoor, who will play the villain, said a statement.
Other cast and credits are in the process of being finalised.
Two songs have already been recorded by Ismail Darbar and Salim-Suleiman for the movie.
Ghai's production banner Mukta Arts will celebrate its 34th anniversary Oct 24. The banner has produced 35 movies, 14 of which have been directed by Ghai.
The 67-year-old's last directorial was 2008 release 'Yuvvraaj'.
'Karma', 'Ram Lakhan', 'Saudagar', 'Khal Nayak' and 'Taal' are some of the memorable films made under Mukta Arts.