The movie is the first offering from Shilpa's production company.
"We are very excited about our very first production. This is a splendid script that will reach out to the large mainstream audience and it's our pleasure to be associated with Eros and its global distribution network, " Shilpa said in a statement.
"Dishkiyaaoon" is set in the Mumbai underworld and has been shot at real locations by German director of photography Axel Fischer.
The action film, to be directed by debutant Sanamjit Singh Talwar, features Sanjay Dutt, Harman Baweja, Prashant Narayanan and Aditya Pancholi in key roles.
"'Dishkiyaaoon', as the title promises, will be a fun action film and will be a treat for action loving movie buff, " said Sunil Lulla, managing director, Eros International Media Ltd.