The film will have an out of competition screening. Other major titles in the segment are Stephen Frears' "Victoria & Abdul", starring Indian actor Ali Fazal alongside Judi Dench, "Outrage Coda" by Kitano Takeshi, "Diva!" by Franceso Patierno and "Loving Pablo" by Fernando Leon de Aranoa.
Batra, who shot to global fame with his debut Mumbai-set drama "The Lunchbox", recently directed an adaptation of Booker prize-winning novel, "The Sense of An Ending".
The film reunites Redford and Fonda after nearly four decades. They previously collaborated on "The Chase", "Barefoot in the Park" and "The Electric Horseman".
Fonda and Redford will be honoured with the Golden Lion lifetime achievement award by the festival before the gala screening of the movie.
The 74th Venice International Film Festival will run from
August 30 to September 9.