Pranam,

Jainarayan, I think that the reason there are not noticably any HOllywood movies based on Indian stories is mainly political, if I may be so bold. Hollywood is American, and America is the West. West = Christian, and the West loves to claim that Greece is apart of the West and Western History. If you speak to Greeks who reside in Greece you will find that historically they do not typically consider themselves Westerners, rather quite the opposite. They are more Eastern if one considers carefully their history and geographical position. Hollywood and America love to make movies about Greek Gods/ stories because they have no ancient history of their own- they are colonizers, conquestors and imperialists occupying American Indian land. So they try to identify with Greek history and mythology to show it as their own legacy if you like, and they appropriate it for political reasons ( so they think of themselves as righteous and God-chosen Americans saving the whole world, just like the Ancient Greeks). I am yet to see a great movie made by Hollywood that even closely resembles Greek history or mythology...do not be fooled, these movies are not authentic in more ways than one. I'm part Greek so I should know.
Why not appeal to Bollywood to remake Indian stories into film more often? After all Bollywood is the largest film industry in the world, and I prefer it to Hollywood anyday.