Adar Poonawalla to acquire 50% of Karan Johar’s Dharma Productions for ₹1,000 crore

According to a statement, Karan Johar as the executive chairman will spearhead the company’s creative vision

Adar Poonawalla-led Serene Productions has announced that it has entered into a binding agreement to invest ₹1,000 crore into Karan Johar’s Dharma Productions and Dharmatic Entertainment. Through this investment, Serene Productions will hold a 50% stake in Dharma, with Karan Johar retaining the remaining 50% ownership.

According to a statement, Karan Johar as the executive chairman will spearhead the company’s creative vision. As the chief executive officer, Apoorva Mehta will work with Karan Johar in steering the strategic direction and overseeing the organisation’s operational excellence.

The statement read, “India’s entertainment industry has experienced significant expansion, driven by surging digital penetration and a diverse audience seeking high-quality content across multiple platforms, with growing global relevance. This strategic partnership between Serene Productions and Dharma is designed to capitalize on these opportunities by combining Dharma’s rich legacy in storytelling with Adar Poonawalla’s strategic acumen and resources. The collaboration aims to further transform content creation, distribution, and audience engagement by integrating advanced technologies and pioneering production methods.”

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“By leveraging this synergy, Serene Productions and Dharma seek to meet the evolving demands of today’s digitally savvy consumers while pushing the boundaries of creative storytelling. Together, they aspire to shape the future of entertainment for digital-first generations, embracing new platforms and formats to deliver compelling narratives that entertain, inspire, and engage audiences worldwide. This alliance signifies a transformative step toward elevating the Indian entertainment industry on the global stage, in an era where the relationship between audiences and entertainment platforms is more dynamic and interactive than ever before.”

Talking about the partnership, 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 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. It’s about honouring our roots while embracing the future of global entertainment. Dharma’s journey has been remarkable, and this collaboration opens up a world of possibilities for creating content that will resonate across borders and generations.”

The news of this collaboration comes fresh on the heels of Karan Johar looking to sell a majority stake in his company. Interestingly, there were speculations back in 2019 that Adani Group, led by billionaire Gautam Adani, was in talks to acquire a stake in Dharma Productions which was later refuted by the company.

Published - October 21, 2024 12:36 pm IST