Nintendo is apparently not making the upcoming Zelda game for the 3DS, The Legend of Zelda: Ocarina of Time 3D. According to the game's Australian rating (via Aussie Nintendo), Ocarina of Time 3D was not developed by Nintendo.
No, according to the Australian Classification Board, the game was developed by Grezzo Co Ltd. That means that the upcoming title isn't being handled by Nintendo EAD Software Group 3, who typically makes all the Zelda titles.
This isn't such a big deal. For one, The Legend of Zelda: Ocarina of Time 3D is a 3DS port, and the basis was developed by Nintendo EAD. For two, outside studios, like Capcom, have made fantastic Zelda games in the past. It's not like Nintendo won't be checking to see if the game's OK.
So, who is Grezzo? This is the studio behind 2010 WiiWare game Line Attack Heroes. And... well, so far, that's it. Grezzo, however, was founded by Koichi Ishii, who got his start as a planner on Final Fantasy, before moving on to design Final Fantasy II and create the Mana series of role playing games while at Square Enix.
Ishii, who has an impressive resume, left Square Enix in 2007 to found the Tokyo-based Grezzo. So while Nintendo isn't doing the Ocarina port, the title does appear to be in very good hands.