Both Kapil and Bhujbal, Minister of Public Works, attended the event, held at a luxury hotel in south Mumbai.
Bhujbal unveiled Kapil's statue, while Bollywood music composer Anu Malik unveiled Bhujbal's statue.
Mumbai should have an international level wax museum, Bhujbal said on the occasion.
The statues have been created by the 'Celebrity Wax Museum' at Lonavla in Pune district.
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