The 1998 film, directed by David Dhawan, featured Bachchan, 73, and Govinda in a double role.
Bhagnani's Puja Entertainment and Films Ltd has merged with Eros International Media Ltd, which bought 50 per cent stake in the company.
"As of now we are working on remakes of 'Bade Miyan Chote Miyan' and 'Hero No 1'. The remakes will be as good as a sequel. I would really try to make Amitabh Bachchan and Govinda at least do one scene in the film ('Bade Miyan...'). Even if it is a cameo, it would be great to have them. It is an iconic film," Bhagnani told PTI.
"It has been a few days since the merger happened, so we are still doing meetings. The director, star cast, exact release dates will all be decided as and when we proceed."
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Apart from the "No 1" series the makers would also remake romantic drama "Rehnaa Hai Terre Dil Mein".
Bhagnani says today many iconic films of the 90s are being remade and he does not feel any pressure to deliver with the remakes of his films.
"The 'No 1' series is our main asset, it is so dear to us. Today 'Judwaa' is getting remade too. We have almost six-seven films which can be remade because they are huge brands, people still recall them," he said.