The premier cricket event will be played from October 1-4 in Chennai.
Team India skipper Rahul Dravid will lead Men in Blue and Venugopal Rao will be the captain of India Red.
Ganguly and Laxman will play under the leadership of Mohammad Kaif. But, Veteran Leg spinner Anil Kumble has not been selected because of an injury.
"Kumble needs to recover fully from the injury and therefore we have not selected him for any of the teams," Shah said.
There is good news for pacers Zaheer Khan, Ashish Nehra and Laxmipathy Balaji as well.
Zaheer will be a part of the India Red whereas Nehra and Balalji will turn out for India Green.
Board for Control of Cricket in India Secretary Niranjan Shah announced the team after a meeting of the national selection committee in Mumbai.
But Sachin Tendulkar, part of India Seniors, will miss the first match.
It is the outgoing national selection committee's last job before it is reconstituted in the BCCI AGM on Wednesday.
India Blue: Rahul Dravid (capt), Virender Sehwag, Sachin Tendulkar, Yuvraj Singh, Dinesh Mongia, Wasim Jaffer, Mahendra Singh Dhoni, Irfan Pathan, Harbhajan Singh, Ajit Agarkar, Munaf Patel, Rudra Pratap Singh, Ravindra Jadeja.
Coach - Ian Frazer.
India Red: Venugopal Rao (capt), Gautham Gambhir, Robin Uthappa, S Badrinath, Rohit Sharma, Tejinder Pal Singh, Dinesh Karthik (wk), VRV Singh, Sreesanth, Ramesh Powar, Zaheer Khan, Murali Kartik, C Raghu.
Coach - Robin Singh.
India Green: Mohammad kaif (capt), Sourav Ganguly, VVS Laxman, Hemang Badani, Suresh Raina, Tanmay Srivastav, Piyush Chawla, Parthiv Patel, Ashish Nehra, L Balaji, Praveen Kumar, Reetinder Sodhi, Saurasish Lahiri.
Coach - Lalchand Rajput.