The partners are jointly developing the initial roster and are talking to writers about character concepts. Eros will handle worldwide distribution on the slate.
Menon said: 'It will be like an Indian X-Men. A movie will have one central character with others in the story who we might explore in greater detail later on.'
Details of projects remain under wraps for now, however the vast array of characters contained in the Sanskrit epic tales the Mahabharata and the Ramayana offer food for thought. Characters who may well be further immortalised in film include the half-man, half-eagle Garuda, and the monkey king Hanuman.
Nuclear Mango, which is based in Los Angeles, New York and Mumbai and recently opened a studio in India to create low and mid-budget features, is also keen to begin production later this year on its $4-7m romantic comedy The Wedding List with Eros.
Randall Kleiser, who directed the musical Grease, will direct with Menon and Keenan serving as producers. The film-makers plan separate Hindi and English-language versions of the film, which they claim will be the first Bollywood films to be shot entirely in Los Angles. Eros is financing and will handle worldwide distribution and full casting will be announced in due course.
Menon's Split Image Pictures and Keenan are currently in post-production on the Bollywood creature feature, Hisss, which stars Bollywood siren Mallika Sherawat and was directed by Jennifer Lynch in India.