On the occasion, veteran director-writer Sai Paranjpye, known for helming popular films like "Sparsh" and "Chashme Buddoor", was feted with Indian Excellence in Cinema Award.
The 78-year-old Padma Bhushan awardee was recognised for her valuable contribution to Indian cinema. Besides films, Paranjpye has written and directed many Marathi plays like "Jaswandi", "Sakkhe Shejari" and "Albel".
She was awarded the Padma Bhushan in 2006 in recognition of her artistic talents.
"When people give lifetime achievement awards, may be it is a subtle hint to say you have done enough. I feel privileged to receive the award from Jaya Bachchan in this magnificent phoenix theatre," Paranjpye said.
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Acclaimed Chinese filmmaker Jia Zhangke, credited with movies likes "Still Life" and "The World", became the recipient of the International Excellence in Cinema Award at the Festival.
He received the award at the hands of actor Aamir Khan.
"It is my first time in Mumbai and in India. I am thrilled to be here. When I was very young, I saw 'Awara' and the film had a very deep impression. I have myself become 'awara' in the movie industry. I hope I continue being that," Jia said.
The film festival will screen 175 films, including features, documentaries and short films from 54 countries.
Actress Konkona Sen Sharma's directorial debut "A Death in the Gunj" will be the opening film, to be screened tomorrow.
American drama film "Manchester by the Sea", directed by Kenneth Lonergan, will close the fest.
Turkey has been selected as the country in focus.
While "Azaad" is a short film, which has been presented
by acclaimed filmmaker Mira Nair, "An Insignificant Man" is a political thriller, chronicling the journey of Delhi Chief Minister Arvind Kejriwal from a social activist to a controversial politician. It was earlier screened at the 2016 Toronto International Film Festival.
The film will be screened as part of the new section 'Spotlight' to celebrate the diversity of the Indian cinema.
'Spotlight' is a segment of films that recognises Indian cinema's historical trajectories, celebrates its creative impulses and explores its futures.
The upcoming Marathi film "Ventilator" is directed by "Ferrai ki Sawari" helmer Rajesh Mapuskar. The film revolves around an ailing senior member of a family, who is being put on the ventilator just days before the popular Ganpati festival, leading to varied degrees of speculation and panic amongst the large coastal clan he belongs to.
Other films to be showcased this year at Marathi Talkies are "Vakratunda Mahakaya", "Bioscope" and "Rajwade and Sons".
American filmmaker Cary Fukunaga will attend the festival and conduct a special masterclasson October 25at a suburban multiplex in Andheri. It will be the "True Detective" helmer's maiden visit to India.
The cast and crew of superhit film "Jo Jeeta Wohi Sikander" will reunite at the festival's 'Movie Mela' and share their experiences and memories on the making of the 1992 cult youth-based film.
The venue will be transformed into a movie carnival with
figurines of famous movie characters, merchandising and conversations with celebrities throughout the festival.
Also, a book on veteran filmmaker Nasir Hussain, known for helming hits like "Teesri Manzil", "Tumsa Nahin Dekha" and "Yaadon Ki Baarat", will be launched at the festivalon October 22.
The book titled "Music, Masti, Modernity the Cinema of Nasir Husain" is written by Akshay Manwani.
The panel will include Hussain's nephew and actor Aamir Khan, director Mansoor, writer Manwani and producer Nuzhat Khan.
The festival is open from October 20 to 27.