BANGALORE — Triple Oscar-winning film editor Thelma Schoonmaker is working on an international cut of Anurag Kashyap’s “Bombay Velvet,” Variety has reliably learned. Prerna Saigal, editor of Danis Tanovic’s “Tigers” is cutting the longer Indian version.

Schoonmaker is best known for her long time collaboration with Martin Scorsese and her work with him has won her Oscars for “Raging Bull,” “The Aviator” and “The Departed.”

Kashyap has been a long-term admirer of Scorsese’s work. Scorsese in turn has been appreciative of Kashyap’s films and had sent him a letter in which he said he “thoroughly enjoyed” the director’s “Dev D” and “Gangs of Wasseypur,” and found them “exciting and inspiring.”

Set in the 1960s, “Bombay Velvet” is based on Gyan Prakash’s book “Mumbai Fables.” The $16 million budgeted film revolves around a boxer, a jazz singer and a media mogul and the parts they play in the murky events surrounding the creation of Mumbai’s central business district. Ranbir Kapoor, Anushka Sharma and filmmaker Karan Johar, marking his first full-length acting role after a few cameos, are starring.

Fox Star Studios India and Phantom Films are producing the film. Fox Star followed a similar approach with “My Name Is Khan,” directed by Johar, where a longer version was released in India and traditional Bollywood markets, and a shorter cut played internationally.

Kashyap, who is an icon of Indian cinema’s burgeoning indie movement, last week spoke at Film Bazaar in Goa. There he described “Bombay Velvet” as a “studio movie, made for the commercial market.” He said it is due for a May 15 release in India and he expects to complete delivery to the producers by mid-March.

Fox Star Studios told Variety the film’s festival strategy has “not yet been decided.”