Adar Poonawalla gets 50% stake in Karan Johar's Dharma Productions for ₹1,000 crore
Oct 21, 2024, 12:57 IST
Adar Poonawalla’s Serene Productions is set to acquire a 50% stake in Karan Johar’s Dharma Productions and Dharmatic Entertainment for ₹1,000 crore. The deal, which was officially announced in a joint press release, marks a strategic partnership that aims to capitalise on the growing opportunities within the global entertainment sector, driven by India’s digital expansion and a diverse, content-hungry audience.
Under this new agreement, Johar will retain the remaining 50% stake in the company, continuing in his role as Executive Chairman, while Apoorva Mehta will stay on as Chief Executive Officer. The collaboration between Serene Productions and Dharma is expected to transform content creation, distribution, and audience engagement through the integration of advanced technologies and innovative production techniques.
"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," Poonawalla said. For the unversed, he is the CEO of Serum Institute of India and leader of Serene Productions.
Karan Johar also shared his excitement about the partnership, describing it as the perfect blend of Dharma’s emotional storytelling legacy and Poonawalla’s forward-thinking business strategies.
"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," Johar said in the release.
The Raine Group acted as the exclusive financial advisor for Dharma, with legal counsel provided by AZB & Partners. Serene Productions was advised by JSA on legal matters.
This partnership comes at a time when India’s entertainment industry is undergoing rapid growth, driven by digital penetration and demand for high-quality content across multiple platforms.
Together, Serene Productions and Dharma aim to push the boundaries of creative storytelling while meeting the demands of digital-first audiences and shaping the future of entertainment.
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Under this new agreement, Johar will retain the remaining 50% stake in the company, continuing in his role as Executive Chairman, while Apoorva Mehta will stay on as Chief Executive Officer. The collaboration between Serene Productions and Dharma is expected to transform content creation, distribution, and audience engagement through the integration of advanced technologies and innovative production techniques.
"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," Poonawalla said. For the unversed, he is the CEO of Serum Institute of India and leader of Serene Productions.
Karan Johar also shared his excitement about the partnership, describing it as the perfect blend of Dharma’s emotional storytelling legacy and Poonawalla’s forward-thinking business strategies.
"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," Johar said in the release.
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This partnership comes at a time when India’s entertainment industry is undergoing rapid growth, driven by digital penetration and demand for high-quality content across multiple platforms.
Together, Serene Productions and Dharma aim to push the boundaries of creative storytelling while meeting the demands of digital-first audiences and shaping the future of entertainment.