The 65-year-old actor expressed his gratitude to the Academy on Twitter.
"Oscars. Thank you for remembering Shashi Kapoor and Sridevi," the actor wrote.
He is the nephew of the legendary actor, who passed away last year in December after a prolonged illness.
Rishi was a close associate of Sridevi, having acted opposite her in films such "Chandni", "Nagina" and "Gurudev" among others.
The 54-year-old actor passed away on February 24 due to accidental drowning in a Dubai hotel.
"Thrilled to see the name Raj Kapoor as the executive producer of the show. We are on the threshold of world cinema!" he wrote.
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