The statue, featuring Mr Modi in a traditional Indian greeting with folded hands, will go on display in London, Singapore, Hong Kong and Bangkok.
The prime minister was involved in the creation of his wax likeness and gave artists a sitting at his home in Delhi.
Mr Modi has a "massive social media presence" and there is "intense public interest" in him, the company said.
His Twitter following is second only to that of US President Barack Obama and he is well known for taking "selfies" with other world leaders, celebrities and supporters.
The museum has featured other political figures from India, including wax-works of Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi.
(Extracts from BBC)