Hey, I was looking through Sridevi news today and i came across this
article "Third parts of movies too

The success story of sequel of 'Koi Mil Gaya' 'Krrish' has encouraged
its producer Rakesh Roshan to make its third part too. Similarly,
other producers and the directors are not far behind in this regard.
They are also jumping in the fray to make hay while the Sun shines.
Actor-turned-producer Anil Kapoor has decided to make sequel of his
'Mr India' with Rishi Kapoor's son Ranbir and Sridevi. Goldie Behl
says he will revive his 'Drona' with Priyanka Chopra of the 'Krrish'
fame to play the leading lady's role."

http://ww.smashits.com/news/bollywood/movie-talk/5681/kim-quarrels-with-shamita.\
html

As you read this it says that Anil Kapoor has decided to do a sequel
of Mr India, now whether this will happen or not who knows but maybe
this is an old article..who knows?