In addition to a feature remake of the 1975 Bollywood classic, the deal covers an animated version, a prequel and a sequel. The deal is valued at $100m.
Chairman of Sholay Media and Entertainment, Sascha Sippy, said: 'Sholay deserves someone who can respect its scale and magnificence. We have been searching for the right creative and business partner whom we can trust to take our family legacy to the next level.'
The cast and crew for the official remake are under consideration. Pre-production on the original remake is likely to begin by the end of 2007. Said Nandy: 'Sholay is the biggest and most successful film ever made in Bollywood and it will not be easy, but we love a challenge.'
Pritish Nandy Communications, founded 12 years ago, has worked on films including Kaante, The Mystic Masseur, Bollywood Calling, Chameli and Hazaaron Khwahishein Aisi.
Directed by Ramesh Sippy, the original Sholay stars Dharmendra, Amitabh Bachchan, Hema Malini, Sanjeev Kumar and Amjad Khan. It set a record by running for 286 weeks straight in one Mumbai theatre, Minerva. BBC India declared it the Film of the Millennium in 2005.
The title of Ram Gopal Varma'sremake was changed from Ram Gopal Varma Ke Sholay to Ram Gopal Varma Ki Aag after he and producers Adlabs lost the case to the Sippys. That film will be released Friday.