She will share screen space with two male actors - Ranveer Singh and Arjun Kapoor - in the movie, which is her second project with YRF after "Pyaar Impossible".
"Gunday" will go on floors in December with "Mere Brother Ki Dulhan" director Ali Abbas Zafar behind the camera.
The movie will be set amidst the most turbulent times in the history of Kolkata, then Calcutta, from 1971 to 1988. It will narrate the story of Bikram and Bala, who rose from being small-time wagon breakers and coal thieves to becoming the biggest and most powerful black marketing mafia-men.