The film is based on a 1966's short story authored by Ian Fleming. It was a short story collection titled Octopussy and The Living Daylights. However the film's plot is mostly original. Some scene from the film was from the Fleming short story "The Property of a Lady" (included in 1967 and later editions of Octopussy and The Living Daylights). The events of the short story "Octopussy" form part of the title character's background and are recounted by her in the film.
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In Octopussy, Bond is assigned the task of following a megalomaniacal Soviet general (Steven Berkoff) who is stealing jewellery and art objects from the Kremlin art repository. This leads Bond to a wealthy exiled Afghan prince, Kamal Khan (Louis Jourdan), and his associate, Octopussy (Maud Adams), and the discovery of a plot to force disarmament in Western Europe with the use of a nuclear weapon.
Octopussy was produced by Albert R. Broccoli and Michael G. Wilson. Another Bond film will be released four months later titled Never Say Never Again starring Sean Connery. The film was not produced by Eon Productions. The film earned $187.5 million with a $27.5 million budget, even though it received mixed reviews.
Source: Wikipedia.
Here is YouTube Clip from Minty Cometic Arts on 10 Things You Didn't Know About Octopussy: