Adar Poonawalla's Serene Productions To Acquire 50% Stake In Karan Johar's Dharma Productions For Rs 1000 Cr

Through this investment, Serene Productions will hold a 50 per cent stake in Dharma, with Karan Johar retaining the remaining 50 per cent ownership, says Dharma Productions

By : ABP News Bureau | Updated at : 21 Oct 2024 12:15 PM (IST)

Karan Johar as the Executive Chairman will spearhead the company's creative vision.
Source : PTI

Adar Poonawalla, CEO of Serum Institute of India, is set to acquire a 50 per cent stake in Karan Johar's Dharma Productions and Dharmatic Entertainment. The deal, valued at Rs 1,000 crore, will be carried out through Poonawalla’s private investment arm, Serene Productions.

According to a release by Dharma Productions, through this investment, Serene Productions will hold a 50 per cent stake in Dharma, with Karan Johar retaining the remaining 50 per cent ownership.

Karan Johar as the Executive Chairman will spearhead the company's creative vision, while Apoorva Mehta, in his role as the Chief Executive Officer, will work with Karan in steering the strategic direction and overseeing the operational excellence of the organisation. The partnership ensures that Johar maintains creative control while aligning with a financially robust partner he has long been acquainted with.

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Poonawalla's investment is expected to strengthen Dharma's content creation efforts across new platforms and formats, catering to a global audience.

The acquisition comes at a time when Dharma Productions has been actively seeking external investment. Previously, the company engaged in discussions with several large conglomerates. In FY23, Dharma posted a revenue surge to Rs 1,040 crore, compared to Rs 276 crore in FY22. However, net profit for the year dropped by 59 per cent to Rs 11 crore due to a significant rise in expenses.

Adar Poonawalla, said, "I am delighted to have the opportunity to partner with one of the most iconic production houses in our nation, along with my friend Karan Johar. We hope to build and grow Dharma and scale even greater heights in the years to come."

Karan Johar, Executive Chairman of Dharma, stated, "From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of creating films that would leave a lasting impact, and I've dedicated my career to expanding that vision. Today, as we join forces with Adar, a close friend and an exceptional visionary and innovator, we're poised to elevate Dharma's legacy to new heights. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies. 

Dharma Productions earned Rs 656 crore from distribution rights, Rs 140 crore from digital, Rs 83 crore from satellite rights, and Rs 75 crore from music in FY23. 

Meanwhile, Cyrus Poonawalla saw the largest drop in wealth among billionaires, with his net worth now standing at Rs 1.71 lakh crore, marking substantial losses over the past year, according to the Fortune Rich List. Despite these setbacks, he remains one of the richest individuals in the country, highlighting the volatility within the pharmaceutical sector.

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Published at : 21 Oct 2024 11:57 AM (IST)
Tags :
Serum Institute Of India Karan Johar Dharma Productions Adar Poonawalla Serene Productions Dharma Productions Stake Adar Poonawalla Investment

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