MUMBAI, India — Bollywood movie stars Abhishek Bachchan and Aishwarya Rai are engaged and will marry later this year, the former Miss World's manager confirmed Monday, ending months of speculation about their relationship.

Rai and Bachchan exchanged engagement rings in a small ceremony before a small group of relatives and friends late Sunday, Hari Singh told The Associated Press.

"Yes, it is true. Abhishek and Aishwarya are engaged," Singh said. "The wedding will definitely take place this year."

There has been speculation for several months about the love lives of the two actors, and news of their engagement was the top story in several Indian newspapers. The Times of India newspaper reported the wedding would take place in February or March.

"The children (Abhishek and Aishwarya) have decided (to marry)," Amitabh Bachchan, Bollywood legend and Abhishek's father, told The Times of India. "We are very happy."

Abhishek Bachchan, 31, and Rai, 33, have worked together in several movies.

In "Guru," Bachchan plays a man from a small Indian village who works his way to becoming a top industrialist and Rai plays his supportive wife.

The two also starred in a period drama "Umrao Jaan," "Kuch Na Kaho" or "Say No More" and "Dhaai Akshar Prem Ke" or "Two and A Half Words of Love."

Rai has acted in more than 30 movies.

Bachchan comes from a famous Bollywood movie family -- his father, Amitabh, and mother, Jaya, are among India's best known actors.