- Tuesday, October 22, 2024
Poonawalla’s Serene Productions has entered into a binding agreement to invest ₹10 billion in Dharma Productions and Dharmatic Entertainment
By: Shajil Kumar
VACCINE maker Serum Institute of India CEO Adar Poonawalla-led Serene Productions on Monday said it will pick 50 per cent stake in Karan Johar’s film production and distribution units.
Serene Productions has entered into a binding agreement to invest ₹10 billion (£91.39m) in production house Dharma Productions and Dharmatic Entertainment (Dharma), the company said in a statement.
Serene Productions values Dharma at ₹20 billion (£182.79m), the statement said.
Dharma is owned 90.7 per cent by Karan Johar and 9.24 per cent by his mother, Hiroo, Economic Times reports.
“We hope to build and grow Dharma and scale even greater heights in the years to come,” Poonawalla said on the investment.
On the investment by Serene Productions, Johar said, “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.”
Under the new structure, Johar as the Executive Chairman will spearhead the company’s creative vision, while Apoorva Mehta, in his role as the Chief Executive Officer, will work with Johar in steering the strategic direction and overseeing the operations, the statement said.
The collaboration aims to further transform content creation, distribution, and audience engagement by integrating advanced technologies and pioneering production methods, it added.
The development comes at a time when 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, the company said. (Agencies)
