How about Deepa Mehta (Fire, Earth, Water, and the recently–released Videsh), taking on nothing less than Salman Rushdie's novel Midnight's Children, according to an interview for Screen?
It is not easy adapting a book like Midnight's Children. A film takes two years of a director's life. If I choose to make a film, I really have to care about the subject passionately because I am talking about committing a good two years of my life.
That's not the only movie she's got plans to do, however; she's also working on a movie with Akshay Kumar based on the "1914 'Komagatamaru incident'" (so says Screen). After the box office failure of 8 x 10 Tasveer, has Mr. Kumar actually found a non–comedy movie worth doing?
As with her planned Midnight's Children adaptation, I guess we'll soon see.
Good luck, Mme. Mehta. I hope your instincts prove you right.