"I've come to town to announce our lead actress Mallika Sherawat for Unveiled and I'm very excited about it (the project)," Bannerman told the NDTV network in Mumbai.
"She has attributes that I have never been able to find in any actress that I've looked at or considered, to fit this role. She is the role," he added.
Sherawat who is known for her skin-flashing roles had earlier made an appearance in a supporting role with Jackie Chan (成龍) in The Myth (神話).
Her role marks the first time that an Indian actress has been cast in as the lead in a mainstream Hollywood project.
The Walt Disney Co has started production on an animated fairy tale called The Frog Princess, which will be set in New Orleans and feature the studio's first black princess.
The company unveiled the plans Thursday at its annual shareholders' meeting in New Orleans.
John Lasseter, chief creative officer for Disney and the Disney-owned unit Pixar Animation Studios, said the movie would return to the classic hand-drawn animation process, instead of using the computer animation that has become the industry standard. He called the film "an American fairy tale.''
The film is set for release in 2009.
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