Metrodome plans to release Water here in June.
The trilogy's previous titles are Fire and Earth, and all the films deal with issues that affect the lives of Hindu women. Water deals with the dehumanization of women by religion.
"It is very important for the filmmaker that their work is in the hands of a distributor who will nurture and care for it with the same passion with which the film was made," Mehta said in a statement.
The deal was negotiated for Metrodome by CEO Peter Urie, general manager theatrical Sara Frain and acquisitions manager Kate Falconer, with sales agent Celluloid Dreams, producer David Hamilton and executive producer Doug Mankoff.
Fox Searchlight released Water in April in the U.S., where it earned a record-breaking $5 million for a Hindi-language flick, Metrodome said.
Featuring Lisa Ray and Bollywood star John Abraham and shot in Hindi, Water is set during the rise of Mahatma Gandhi in the late 1930s.