The award will be presented to Karnad, 79, at the literature festival's annual awards ceremony which will be held on November 19 at the National Centre for the Performing Arts (NCPA), Nariman Point here.
The veteran actor said it is an honour for him to receive the award as a playwright.
"... What makes theatre such an intricate world, a febrile network of human relationships woven in words, and this is why when, at the end of it all, one is told that one has succeeded, it is such an exhilarating experience.
His critically acclaimed plays in the era of 1960s such as 'Yayati' (1961), the historical 'Tughlaq' (1964), and his three seminal works 'Hayavadana' (1971), 'Naga-mandala' (1988) and 'Taledanda' (1990) have earned international praise.
Karnad is also a recipient of Padma Shri and Padma Bhushan awards.
"His work, that marked the coming of age of modern Indian playwriting in the '60s has significantly helped shape and enhance the Indian art and literature universe. We are looking forward to having him with us at the festival," he said.
Harish Bhat, brand custodian, Tata Sons called Karnad "a giant of our generation, with memorable and influential contributions as playwright, writer, actor and director".
Past recipients of the Tata Literature Live! Lifetime Achievement Award include legendary writers Amitav Ghosh (2016), Kiran Nagarkar (2015), MT Vasudevan Nair (2014), Khushwant Singh (2013), VS Naipaul (2012) and Mahashweta Devi (2011).
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