Sarika has started her production house NautankiSa Productions, and is joined by friend Sachin Kamani and her younger daughter Akshara.
While they have already started working on a Hindi play, they are also coming on board Ira's directorial debut with the English play, "Euripides' Medea".
"We were already in producer mode as we were working on a Hindi play. It was then that Ira called me and said she wanted me to act in her play. I didn't want to act so instead I offered to produce it," said Sarika.
"Ira is like my own baby, so I was more than happy to be a part of it. Also, I was impressed by her vision of the play and was confident about her as a director," she added
The "Club 60" actress moved away from acting in 2016.
"There were no exciting scripts and roles being offered and instead of complaining and waiting for a good script, something we actors usually end up doing, I thought taking a break was a better idea," she said.
"...and do something I had not done before and that new space was theatre, something I have always loved but only as an audience. Unlike films, in theatre I was the outsider and today after two and a half years, I am part of the theatre family in a small way and so happy. It is one of my good calls."
( With inputs from IANS )