Pharmaceutical mogul Adar Poonawalla’s Serene Productions is investing $119 million in Indian media personality Karan Johar’s Dharma Productions and Dharmatic Entertainment. The deal values Dharma at $238 million and gives Serene Productions a 50% stake in the company.
Under the new structure, Dzhokhar will retain 50% ownership and serve as executive chairman, overseeing creative direction. Apoorva Mehta will continue to serve as CEO and manage the strategic and operational aspects of the business.
The partnership aims to leverage Dharma’s storytelling expertise and Poonawalla’s business acumen to expand into large-scale multilingual productions, build franchises and enhance traditional entertainment formats. Masu. The companies will focus on creating content for a global audience across various platforms.
With a revenue of $124 million in FY 2022-23, Dharma is one of the top studios in India. The company has existing deals with Netflix and Prime Video. The company’s recent credits include ‘Jigra’, ‘Kill’ and ‘Rocky Aur Rani Kii Prem Kahaani’.
Poonawalla is a prominent Indian businessman and CEO of the Serum Institute of India (SII), one of the world’s largest vaccine manufacturers by volume. Under his leadership, SII has played a key role in producing affordable vaccines for developing countries. SII gained significant global attention during the COVID-19 pandemic for its role in manufacturing the Oxford-AstraZeneca vaccine, known as Covishield in India. Poonawalla is also the chairman of financial services company Poonawalla Fincorp.
The deal ends months of speculation over suitors for the Dharma stake, with names such as RP-Sanjiv Goenka Group’s Saregama, billionaire Mukesh Ambani’s Jio Studios and Adani Group being rumored. .
Poonawalla says: “I am thrilled to have the opportunity to partner with one of our country’s most iconic production companies, along with my friend Karan Johar. We look forward to building and growing Dharma and aiming for even greater heights in the coming years. I am thinking of doing so.”
Dzhokhar added: “Since its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of making films that leave a lasting impact, and I am passionate about expanding that vision. Today, we are ready to join forces with our dear friend, extraordinary visionary and innovator, to take Dharma’s legacy to new heights. The partnership represents the perfect marriage of our emotional storytelling capabilities and forward-thinking business strategy.”
Mehta said: “Over the years, I have watched Dharma transform into a multi-faceted content powerhouse. This partnership with Adar realizes our vision and brings together film, streaming and global content. We are entering a new era. This will allow us to explore new avenues in content creation and distribution and improve India’s entertainment ecosystem. More importantly, this investment will allow us to take greater creative steps. You will be able to take a step forward.”
