The film is an official adaptation of 2014 South Korean film "Ode to My Father", which depicted modern Korean history from the 1950s to the present day through the life of an ordinary man.
It showcased events such as the Hungnam Evacuation during the 1950 Korean War, the government's decision to dispatch nurses and miners to West Germany in the 1960s and the Vietnam War.
The film was identified as potential content for the Indian audience following its screening at the Berlin Film Festival, which was attended by filmmaker Atul Agnihotri who will be backing "Bharat" as a producer, read a statement.
It traces the journey of a man that starts in 1947 and ends in 2002.
Agnihotri, who is also Salman's brother-in-law, said: "It's the journey of a country and also a person, both of whom go by the name of Bharat."
"That film is just the starting point for us, but since it was an inspiration, we wanted in all fairness to officially own it and acquired the remake rights before going ahead with 'Bharat'," he added.
"Bharat" will be helmed by director Ali Abbas Zafar and will feature Salman as the protagonist.
"I feel I contribute better as a producer. Ali is a friend, I love his work and eventually it's all about connecting with the source. If you speak to him, you will realise that Ali is far more passionate about the material," Agnihotri said.
He also said it's a "huge responsibility" to make a film with Salman as "there are big expectations that come with the job".
"I'm very conscious about Salman's fan base and what they want. And once again, I'm convinced that being a family film it's worthy of coming during the festive time. And anyway, an Eid release is always every producer's preferred choice," Agnihotri said.
The film will go on floors in April next year and it will require a lot of travel and elaborate sets.
They will shoot in Abu Dhabi and Spain, besides Punjab and Delhi in India.