The gala event, titled "Zimbly Madras", aims to raise 100,000 pounds (USD 167230) to expand the Tata Medical Centre in Kolkata. It will be held at St James's Court Tata Hotel in the heart of London.
A painting by celebrated Indian artist Paresh Maity and exquisite Madras jewellery will also go under hammer at the fundraiser today.
"I have lost so many people to this dreaded disease, including my own brother. It is wonderful to get involved with this project to raise funds for such a worthy cause," Indian singer Usha Uthup said.
"Who would have thought this woman in a saree will be singing 'Skyfall' from the James Bond film. Well, I think the saree is the most dignified and graceful of dresses and has allowed me to be just the way I am for 44 years," she said.
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High-profile guests, including Bollywood diva Sridevi and husband Boney Kapoor, will get a chance to bid for the royal ride in the Queen Mother's favourite Jaguar DS420, dubbed the "Grand Princess".
A special parody show, coordinated by Geeta Gopalakrishnan, donor relationships director of Tata Medical Centre, will form the centre-piece of the charity event.
The Tata Medical Centre in Kolkata is the result of a 34-million pound initiative of the Tata Group, where 50 per cent of beds are reserved for the under-privileged.
Almost 30,000 patients have been treated there since 2011 and the latest fundraiser is intended to raise funds for an urgently needed expansion to accommodate more patients.