Indian film financiersSahara One Motion Pictures and Percept Picture Company have announced that theywill be the primary backers of the Michael Douglas project Racing TheMonsoon - acting as co-producers with Douglas's production company FurtherFilms.

The film will be shot in theAmby Valley near Mumbai - a luxury resort created by Sahara group. Douglasarrived in Mumbai on Sunday to make the announcement of the third part in theseries Romancing The Stone and Jewel Of The Nile.

Set in India, the film isabout a diamond robbery on an Indian train. Aishwariya Rai is believed to be innegotiations to co-star and the projectwill be directed by Steven Carr.