The statue that arrived at Baker Street shows Modi with folded hands in 'namaste' style, dressed in white kurta pyjama and cream jacket.
India’s 15th Prime Minister is featured in “World Leaders” enclosure alongside US President Barack Obama, UK Prime Minister David Cameron, German Chancellor Angela Merkel and France President Francoise Hollande.
He will also share the space with Indian celebrities including Amitabh Bachchan, Aishwarya Rai Bachchan, Salman Khan, Shah Rukh Khan and Sachin Tendulkar. Other eminent legends of the past include Mahatma Gandhi and Winston Churchill.
Modi, known for his oratory, seemed at a loss of words looking at his wax self.
He said: "What can I say? As far as art is concerned, the Madame Tussauds team is exceptional at what they do. What Lord Brahma does normally is what the artists there are doing.”
"Prime Minister Modi is a hugely important figure in world politics, a position supported by his place in the top 10 of Time Magazine's Person of the Year List 2015," Kieran Lancini, museum spokesperson, said.
According to reports, the wax figure was completed in four months and at a cost of £150,000 (Rs 1.5 crore) each.
A new branch of Madame Tussauds is also set to open in New Delhi as part of the India-UK Year of Culture in 2017, announced during Prime Minister Modi's visit to the UK last November.