The two-part film, which features Jaideep Ahlawat, Manoj Bajpayee and Nawazuddin Siddiqui in the prominent roles, will contest with Korean animation project "The King of Pigs" and Australian film "Lore".
The festival will commence from June 6.
"These are the films - selected from the best work by current filmmakers around the world - that provoke, court controversy, broaden our understanding of the world and say important things in innovative ways. 'Alps', 'Beasts of the southern wild', 'Caesar Must Die', 'The King of Pigs', 'Gangs of Wasseypur-1' and 'Gangs of Wasseypur-2' are the films made by exciting new talent as well as masters of the form. These are the films we honour in our Official Competition," reads the official website of the festival.
Before it, Kashyap's ambitious directorial venture film's both the parts will be screened at the Director's Fortnight at the Cannes Film Festival this year.