Channel UTV Stars Wednesday announced that the statue will be unveiled at the Walk of the Stars at Bandra Bandstand Promenade here.
"UTV Stars will commemorate Rajesh Khanna's inimitable style and charismatic smile in a life-size brass statue.
The brass statue will immortalise one of his iconic poses from his films and will be unveiled by the actor's family amongst well-known names from the industry," read a statement from the channel.
The installation of the statue, will, however, take place early next month.
It will be placed with statues of other prominent personalities of Bollywood like Yash Chopra, Raj Kapoor and Dev Anand.
Rajesh Khanna, fondly known as Kaka in the film fraternity, began his career with "Aakhri Khat" in 1966 and in a career spanning five decades, he became a superstar like no other with hits like "Aradhana", "Do Raaste", "Safar" and "Anand".
The Walk of the Stars brings fans closer to their favourite Bollywood icons by way of installing their statues and handprints.
Songs revisited on first death anniversary
On the first death anniversary of Rajesh Khanna Thursday, a music channel is set to pay a tribute to Bollywood's first "superstar" by playing his chartbusters.
9X Jalwa has lined up a special programming initiative in memory of the actor.
"Known for his acting versatility and his choice for superhit music, this superstar was tagged as the romantic icon of Bollywood. In his honour, we present a special on our 'Block Buster Beats' and 'Love Sweet Love' segment," Amar Tidke, senior vice president and content head, 9X Media Group, said in a statement.
Rajesh Khanna, seen in hits like "Aradhana", "Kati Patang", "Anand", "Amar Prem" and "Aan Milo Sajna", died after a prolonged illness last year.
Some of his popular songs are "Yeh shaam mastani", "Ye reshmi zulfein" and "Jai jai shiv Shankar".
