Filming is due to start late next year with the first instalment set to hit screens in early 2020, the statement said. It will be released in six Indian languages and dubbed for foreign audiences as well.
The blockbuster, which will be directed by south filmmaker V A Shrikumar Menon, will be the latest retelling of the Mahabharata, an ancient Sanskrit story about a battle between feuding princes which includes the Bhagavad Gita.
It has had many screen adaptations, including a highly successful television series in the 1980s, and inspired a number of films.
The announcement comes before the release next week of the second and final instalment of Baahubali, a Telugu- and Tamil-language film featuring elaborate battle scenes. The combined cost for the two parts was about Rs 290 crore. While budgets for India movies are rising they are still well short of those in Hollywood, where a blockbuster often costs more than Rs 1292 crore million to make.