Adar Poonawalla to Acquire 50% Stake in Karan Johar’s Dharma Productions for ₹1,000 Crore
October 21, 2024: Adar Poonawalla’s Serene Productions has announced a significant investment of ₹1,000 crore in Karan Johar’s Dharma Productions and Dharmatic Entertainment. This strategic deal will see Serene Productions acquiring a 50% stake in Dharma, while Johar will retain ownership of the remaining 50%.
Also Read: Reliance Eyes Stake in Dharma Productions? To Strengthen Its Media Dominance
Expressing his enthusiasm for the partnership, Adar Poonawalla said, "I am thrilled to partner with one of the most iconic production houses in India, alongside my friend Karan Johar. We look forward to growing and expanding Dharma Productions to reach even greater heights in the years to come."
Karan Johar also shared his excitement, stating, "From the very beginning, Dharma Productions has focused on heartfelt storytelling that resonates with Indian culture. My father envisioned creating films that would leave a lasting impression, and I’ve devoted my career to expanding that dream. Now, with my dear friend Adar joining us—an exceptional innovator and visionary—we are set to take Dharma’s legacy to the next level. This partnership combines our emotional storytelling with forward-thinking business strategies."
Dharma Productions had been seeking investment partners and was in discussions with various major conglomerates. The company saw a remarkable fourfold increase in revenue during FY23, reaching ₹1,040 crore, up from ₹276 crore the previous year. However, despite the revenue growth, net profit declined by 59% to ₹11 crore due to a rise in overall expenses. Revenue sources for the company in FY23 included ₹656 crore from distribution rights, ₹140 crore from digital platforms, ₹83 crore from satellite rights, and ₹75 crore from music.
This post was last modified on October 21, 2024 2:20 pm
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