CANNES -- Penelope Cruz has set up her own production house, 88 Producciones, which already has two projects lined up, including one with Oscar-winning director Fernando Trueba, the Spanish actress announced in Cannes.

"I think this new facet of my life is going to be very satisfactory," Cruz told a group of Spanish journalists, following Friday's press screening of Official Competition entry "Volver." "I'm very stubborn, which isn't so great in other areas of life, but I think will be helpful as a producer."

The first project will star Cruz in the English-language "Indian Passion," based on Javier Moro's celebrated novel for which Cruz spent seven months pursuing. No director or budget has been decided upon, but it will be shot in France, Spain and India with Sogecine and Fernando Colomo as co-production partners.

"Passion" tells the story of real-life Spanish dancer Anita Delgado who became an Indian princess after falling in love with a maharaja who had attended the wedding of Spain's then-king Alfonso XIII.

The second project is being written and will be directed by Trueba, who directed Cruz in his acclaimed "Belle Epoque" and, more recently, "The Girl of Your Dreams."

There was no explanation of the name of the production house, but it mirrors the tattoo on Cruz's right ankle.