NEW DELHI: Billionaire Adar Poonawalla-led Serene Productions has entered into a binding agreement to invest Rs 1,000 crore into Karan Johar's Dharma Productions and Dharmatic Entertainment (collectively, "Dharma"), one of India’s leading production houses.
Through this investment, Serene Productions will hold a 50% stake in Dharma, with movie producer and director Karan Johar retaining the remaining 50% ownership.
The stake purchase by Poonawalla comes amidst rumours that Mukesh Ambani’s Jio Cinema was exploring to invest in Dharma.
Karan Johar will continue to be the Executive Chairman and spearhead the company's creative vision. Apoorva Mehta, in his role as the Chief Executive Officer, will work with Karan in steering the strategic direction and overseeing the operational excellence of the organization.
“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,” said Adar Poonawalla who also heads Serum Institute of India.
Dharma said that the strategic partnership between Serene Productions and them is designed to capitalize on these opportunities by combining Dharma's rich legacy in storytelling with Adar Poonawalla's strategic acumen and resources.
Commenting on the partnership, Karan Johar stated, "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.”