The original film was produced by National Film Development Corporation of India (NFDC) while Firoz Nadiadwala will back the sequel.
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"For the sequel, both NFDC and Nadiadwala will be working jointly," the source added.
The original film ended with both Shah and Boswani's characters being framed for the crimes that they had not committed. The sequel will take their journey forward after they come out of the jail.
"The second part will start from where the first part ended. The characters of Vinod and Sudhir have come out of the jail and are old. Pankaj Kapur's character has become a top industrialist while whoever plays Om Puri's character is his competitor," the source said.
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The shooting for the film is expected to begin by the next year. PTI