The movie, which went on floors today, dwells on relationships and life and is produced by Zee Studios and Eyecandy Films.
Majidi is best known for world cinema classics like "The Song of Sparrows", "Baran", "The Color of Paradise" and "Children of Heaven".
The director, who first teamed up with Rahman for "Muhammad: The Messenger of God", said he always wanted to make a film in India.
"Filmmakers like Satyajit Ray , whose work I adore, have represented India's culture, rich heritage and the lives of common people to a global audience. These visions and images have stayed in my mind for years and cajoled me to make a film in India.
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Speaking further about casting Ishaan, Majidi says, "Ishaan is a wonderful boy. He is extremely talented and I feel, he will have a bright future in the film industry."
Going on floors today in Mumbai, the film will be shot at numerous locations in India.
Apart from the director and Ishaan, others present and marking the occasion of the first day of shoot were music maestro A R Rahman, producers of the film, Akash Chawla, Business Head - Zee Studios along with Shareen Mantri Kedia and Kishore Arora from EyeCandy Films.
"This film, his first venture in the country, celebrates an India unseen by the world with a heartwarming story," said Akash Chawla, Business Head, Zee Studios.
"It's an honor to bring him to India. Working with him and developing this project over the last few years has been an enriching experience," said Shareen Mantri Kedia and Kishor Arora from Eyecandy Films.