November 6, 2024
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Adar Poonawalla’s Serene Productions Acquires 50% Stake in Dharma Productions for Rs 1,000 Crore

In a significant development for the Indian film industry, Adar Poonawalla’s Serene Productions has acquired a 50% stake in Karan Johar’s Dharma Productions in a deal valued at Rs 1,000 crore. The agreement values Dharma Productions at Rs 2,000 crore, with Poonawalla’s investment marking a strategic infusion of funds aimed at enhancing the company’s equity capital. Karan Johar, who earned fame with hits like Kuch Kuch Hota Hai and Kal Ho Na Ho, will continue to spearhead the creative vision of the production house, while Apoorva Mehta will oversee strategic and operational aspects as CEO.

The move comes amid financial pressure for Dharma Productions, which saw a sharp drop in both revenue and profit for FY24. According to data from Tofler, the company’s revenue fell to Rs 512.3 crore, with net profit plummeting to just Rs 62 lakh, a significant decline from FY23 figures. Despite this, industry experts note that the high valuation and investment from Serene signal confidence in the potential for future hits to transform the company’s fortunes, although it remains a risky venture in a volatile film market.

For Poonawalla, whose primary business, Serum Institute of India, saw immense success during the pandemic with the Covishield vaccine, the investment in Dharma Productions represents a small portion of his diverse business portfolio. Analysts speculate that Poonawalla’s funds will be deployed over time, with much of the capital expected to support future projects and deals within the production house.

Pic Courtesy: google/ images are subject to copyright

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