It was said that producer Gil Netter (The Blind Side) is currently scouting locations in Taiwan and in southern India. It was said that the budget would come in around $70 million for the film, which was said to be loaded with special effects shots. Lee will be producing the film and directing from a script by Finding Neverland screenwriter David Magee.
The film is based off the Yann Martel novel which centers on a young boy who is lost at sea in a tiny lifeboat with a Bengal tiger. Here's an excerpt from the article that describes some of the visual effects shots in the film.
It was also said that an 2012 release was being planned, with filming to begin this August if the film receives a green light.
Life of Pi was released November 21st, 2012 and stars Irrfan Khan, Suraj Sharma, Gérard Depardieu, Rafe Spall, Tabu, Adil Hussain, Shravanthi Sainath, Andrea Di Stefano. The film is directed by Ang Lee.