The film features Radhika Apte, Manisha Koirala, Vicky Kaushal, Bhumi Pednekar and Kiara Advani.
It will be available to over 117 million members of the streaming service in 190 countries simultaneously in June this year.
"With universal themes, world-class talent and unique formats, Indian stories are loved among Netflix members around the world. It's very exciting to continue our collaboration with RSVP and bring 'Lust Stories' to the global entertainment-loving audience," said Swati Shetty, Director of Content Acquisition, Netflix.
Screwvala said the film is a collection of four short stories that deals with "real life relationships in modern India".
Johar said he was excited to narrate a story on the theme of lust on a new-age and dynamic platform.
"'Lust Stories' breaks ground and even tears the envelope at times! This one is worth the price of a subscription!" he added.
Akhtar, whose directorial credits include "Zindagi Na Milegi Dobara" and "Dil Dhadakne Do", said, "Viewers today demand freedom in how they consume entertainment and since our stories have evolved to reflect modern sensibilities, so should the medium. It's very exciting to make my Netflix debut with this film, and I can't wait to see how a world audience receives it."
"I feel incredibly lucky to be in this film, in this company, and the fact that this will be seen by people who want to see films with subjects and treatment like this. I already feel a lot smarter, cooler, and maybe more honest. Something traditional theatricals do not make you feel any more," Banerjee said.
Kashyap, who is already working with Netflix on original series "Sacred Games", said, "... As audiences move towards enjoying entertainment online, I'm delighted to play a part in welcoming this shift in India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)