The bat will be auctioned in London on June 25 that also marks the silver jubilee of the landmark win for India in international cricket.
The proceeds from the auction will be presented equally to all the 15 members of the 1983 squad.
The bat, adorned with 25-carat diamonds, brings out in its finest glory and grandeur the celebrations that mark 25 years of this historical feat.
Legends from the 1983 Indian team, including Kapil Dev, Sunil Gavaskar, Roger Binny, Syed Kirmani, Sandeep Patil, Madan Lal and PR Mann Singh, were present at the unveiling and a game of golf.
The Gitanjali Group also unveiled a special cricket ball from its Tesoro range, laser marked with signatures of all the heroes and studded with 30 carat diamonds.
Chairman of the UB Group and CEO of Kingfisher Airlines Vijay Mallya said, ''We have been associated with various sports for decades and have created several iconic sports events.
''The 1983 win was a special moment for every Indian and this is our tribute to these cricket icons and millions of cricket fans in India,'' he added.
The team will visit London on June 25 where Vijay Mallya is hosting a dinner for the team at the Long Hall at Lords.