Each of these gifted directors has helmed a short film, and they have put them together as one mega offering - "Bombay Talkies", co-produced by Viacom 18 Motion Pictures and Flying Unicorn Entertainment.
Karan said he was "extremely honoured that our omnibus endeavour has been officially selected at Cannes".
"Can't wait to walk the red carpet with Dibaker, Anurag and Zoya," he said in a statement.
Zoya, daughter of veteran writers Javed Akhtar and Honey Irani, is upbeat about her first visit to the French Riviera city.
"I have never been to Cannes and I always felt if I go, it should be with a film. Things worked out even better as it's not just a film, but also three friends - Karan, Dibaker and Anurag with me. It's going to be a blast," she said,
Banerjee is "thrilled" about walking the red carpet with the trio "leading the way and representing Indian cinema".
Kashyap, who has almost become a regular at the fest, says he feels "happy to be back there".
"Bombay Talkies", releasing May 3, is said to encapsulate an array of emotions through which million of fans across the country are unanimously connected. It has a cast including names like Rani Mukerji, Nawazuddin Siddiqui, Randeep Hooda and Saqib Saleem, with cameos by Amitabh Bachchan and Katrina Kaif.
This would be the second year in a row for Viacom 18 Motion Pictures at the Cannes. The studio debuted in 2012 with Kashyap's directorial, the much-acclaimed two-part series "Gangs of Wasseypur".
The 66th Cannes International Film Festival begins May 15.
