Adar Poonawalla Acquires 50% Stake in Karan Johar’s Dharma Productions
In a significant development within the Indian entertainment industry, Adar Poonawalla, CEO of the Serum Institute of India, has entered into a binding agreement to acquire a 50% stake in Karan Johar’s renowned production house, Dharma Productions, and its digital arm, Dharmatic Entertainment. The deal, valued at ₹1,000 crore, represents a landmark partnership between two major entities from vastly different industries: cinema and pharmaceuticals.
Dharma Productions had been actively seeking investments and engaged in talks with several large conglomerates. The company posted a fourfold surge in revenue to ₹1,040 crore in FY23, from ₹276 crore the previous year however net profit fell 59% to ₹11 crore due to a 4.5-times rise in expenses at ₹1,028 crore. In FY23, the company earned ₹656 crore from distribution rights, ₹140 crore from digital, ₹83 crore from satellite rights, and ₹75 crore from music.
Adar Poonawalla’s Serene Productions is set to infuse ₹1,000 crore into Dharma Productions, one of India’s most successful film production companies, responsible for numerous Bollywood blockbusters. Through this strategic investment, Serene Productions will gain a 50% ownership of Dharma, with Karan Johar, the current owner and celebrated filmmaker, retaining the remaining 50%. This balanced partnership underscores both parties’ commitment to shaping the future of Indian cinema and digital content creation.
The official statement highlighted that Karan Johar will continue to lead Dharma’s creative vision as the Executive Chairman. His expertise in filmmaking and content creation has been central to the company’s success over the years. Alongside Johar, Apoorva Mehta will remain the CEO of the company, overseeing day-to-day operations and managing the strategic direction of Dharma and Dharmatic Entertainment. Mehta’s role is crucial in maintaining operational excellence and sustaining the company’s impressive growth trajectory.
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