After the success of epic drama 'Baahubali 2', three filmmakers have come together to make "Ramayana" as a three-part live action film with a budget of Rs 500 crore.

A source in the know of developments quoted saying: "'Ramayana' is being helmed as one of the most ambitious projects of India with a budget of Rs 500 crore. The film will bring to life the rich storytelling culture of our country and for the same, the film team is in conversation with a renowned Indian director who will bring this larger than life scripture to the universal audience."

Three producers - Allu Aravind, Namit Malhotra and Madhu Mantena - have joined hands to make this project come alive. It will be shot in Hindi, Tamil and Telugu, said a statement.

The makers are looking forward to deliver a "spectacular extravaganza".