Aside from Bollywood projects coming to the UK solely for location work, there is now a new generation of Indian film-makers interested in working more closely with UK producers and technicians and even considering the benefits of the new tax relief.
"Although the treaty obviously isn't having an effect yet, the UK is building up relationships with Indian film-makers and there are projects going on at the moment," says the UK Film Council's Clare Wise.
Kate Pike at the Department for Culture Media and Sport, the UK government department in charge of the co-production treaty, says: "Culturally it is obvious why these co-productions will be beneficial because producers, crew and actors will get to share their expertise and learn from one another."
Directors Vipul Shah and Rakesh Mehra have said they would be interested in setting up co-productions with UK producers and would happily take advantage of the new treaty when it comes into force.
But not all Bollywood producers are as convinced. "I can tell you that I've had conversations with all the big producers in Bollywood and I think their view is that the co-production treaty may not be right for every film as it will still entail extensive contractual agreements and added levels of scrutiny and bureaucracy," says Wise.
Furthermore, several Indian-UK co-productions would struggle to pass the cultural test to qualify for UK tax credit. "So the Treasury who were initially concerned that all 930 films that come out of India each year will be UK co-productions need not worry," says Wise.