The project will mark Anil's first collaboration with Lionsgate, a leading global entertainment company.
Inspired by the limited comic book series of the same name, "Red" starred Bruce Willis, Morgan Freeman, John Malkovich, Helen Mirren, Karl Urban and Marie-Louise Parker.
"After successfully adapting '24' Season 1 and Season 2, we are looking forward to remaking "Red" for the Indian audience. This successful movie that boasts of a huge multi-starrer cast is perfect for India as it has all the elements our audience loves - action, drama and comedy mounted on a huge canvas," Anil said in a statement.
Currently, the producers are finalising the cast. The principal photography of the movie will begin in August.