Adar Poonawala's Serene Productions will acquire 50% stake in Karan Johar's Dharma Productions and Dharmatik Entertainment. This deal will be done for 1,000 crore rupees. The company gave this information today i.e. Monday (October 21).
Karan Johar will hold around 50% stake in Dharma after this deal. Currently, Johar owns 90.7% of Dharma and his mother Hiru holds 9.24%. Even after the deal, Karan Johar will remain the executive chairman of the company. Apoorva Mehta will also be the CEO.
Poonawala's investment will give financial strength to the production house The deal aims to transform content creation, distribution and audience engagement by integrating advanced technologies and production methods in the rapidly changing entertainment industry in India. Poonawala's investment will strengthen the production house financially.
'Ready to take religion to new heights' On this partnership, Karan Johar said- 'Dharma has a reputation for telling heart touching stories. Along with a close friend and visionary, we are ready to take Dharma's legacy to new heights.
Poonawala said – Happy to partner with the production house Adar Poonawala said, 'I am happy to partner with my friend Karan Johar in one of the most prestigious production houses of our country. We will touch even greater heights in the coming years.
Adar Poonawalla is the CEO of Serum Institute, which developed the Covid vaccine.
Yash Johar founded Dharma Productions in 1976 Dharma Productions was founded in 1976 by Yash Johar. Under the leadership of Karan Johar, it has become a powerhouse in Bollywood, producing more than 50 films including blockbusters like 'Kabhi Khushi Kabhi Gham', 'Yeh Jawani Hai Deewani' and '2 States'.
The company is also known for launching young actors from many film families including Alia Bhatt and Varun Dhawan. In 2018, it expanded into digital content with Dharmatik Entertainment. Produced shows for platforms like Netflix, Amazon.
- In FY 2023, Dharma Productions revenue to grow 276.8% YoY to Rs. 1,040 crores. A year ago i.e. in the financial year 2022, the income of the production house was Rs 276 crore.
- The total revenue of the company in FY23 from distribution rights was Rs. 656 crore, from digital Rs. 140 crore, from satellite rights Rs. 83 crore and from music Rs. 75 crores included.
- However, the company's net profit fell by 59% to Rs. 11 crore has happened. The company has spent Rs 1028 crore on its needs during the financial year.
Poonawalla is the CEO of Serum Institute Poonawalla has a diversified business portfolio. Apart from entertainment, his businesses are in areas like financial services, real estate and hospitality. Adar Poonawala is also the CEO of Serum Institute, which makes the Covid vaccine.
Earlier RIL was to buy this stake Earlier, Mukesh Ambani's Reliance Industries (RIL) was in talks to buy a stake in Bollywood film director Karan Johar's Dharma Productions. The Economic Times (ET) gave this information in a report citing people familiar with the matter. However, the deal has been finalized by Adar Poonawalla instead of RIL.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
