London, October 09 : Music composer Lord Lloyd-Webber is set to launch the sequel to his hit musical ‘Phantom of the Opera,’ which first opened in London in 1986.

Co-written by Ben Elton, the tale is set on New York''s Coney Island in 1907, 10 years after the Phantom fled Paris.

The plot will be centred on the mysterious Phantom, known as Mr Y, who lives among the freaks of Coney Island.

However, Webber insists that it need not be looked upon as a sequel to the earlier hit.

"I don''t regard this as a sequel - it''s a stand-alone piece," the BBC News quoted him as saying.

The musician had thought of a follow-up for some 17 years ago, as he believed the Phantom score was still "unfinished business”.

He added: "For me, a great story is the catalyst - that''s why I have taken so long to come up with this.

"I''m very happy with it as a piece - and that''s enough for me."

Ramin Karimloo, currently playing the Phantom in London, will return to the role opposite Broadway''s Sierra Boggess.

The musical is scheduled to open at London''s Adelphi Theatre on 9 March, 2010. (ANI)