The attack launched on the Karachi harbour during the 1971 Indo-Pakistan war and its aftermath will be explored in the recently announced film, tentatively titled, "Navy Day".
The film will be directed by Razneesh Ghai, a renowned name in the advertising industry and backed by T-Series and Ellipsis Entertainment.
Development of the project is in progress and principal photography will commence next year.
"The operation was one of the most successful in modern naval history after World War II. Our Navy suffered no losses and caused heavy casualties on the enemy side..." Bhushan Kumar said in a statement.
India observes its Navy Day on December 4 to celebrate the fierce operation, which is unparalleled in the annals of military history, the statement read.
A casting announcement will follow later in the year.