Japanese director Naomi Kawase's The Mourning Forest, which won the Grand Jury Prize at last year's Cannes, will close the week-long event.
Presented by Reliance Big Entertainment, the festival will screen 140 films from 45 countries in three theatres.
Awards will be presented to Indian actor Dharmendra (Lifetime Achievement Award), Rishi Kapoor (Award for Significant Contribution to Cinema over 25 years by an Actor-Director), Gulzar (Award for Outstanding Contribution to Indian Film Music as Lyric Writer) and Hitendra Ghosh (Kodak Award for Technical Excellence).
The festival will celebrate the 50th year of Wajda's legendary film Kanal with a special screening, while the filmmaker in focus will be Carlos Saura whose eight films including Carmen will be screened.
Saura, who is expected to attend, will also be the recipient of the festival's first ever Global Lifetime Achievement Award.
The festival will also hold a special screening of To Each His Own Cinema, a film celebrating 60 years of the Cannes Film Festival made by 25 directors from around the world. Retrospective will cover Wajda and Indian filmmaker Ritwik Ghatak.
MAMI has also introduced 'Dimensions Mumbai', a short film competition for those below 25-years-old.
At the closing night function on March 13, Indian actor and director Dev Anand will play chief guest and present awards for the best Indian films. There will also be a three-member FIPRESCI jury.