Dharma Productions is estimated to be worth Rs 2,000 crore according to this agreement.
Adar Poonawalla, the CEO of Serum Institute, revealed on Monday that his company Serene Productions is set to purchase a 50% share in Dharma Productions and Dharmatic Entertainment, owned by Karan Johar, under the umbrella of Dharma, for a sum of Rs 1,000 crore.
Dharma Productions stated that Johar would maintain the remaining 50 percent ownership as per the binding agreement.
In the statement, Poonawalla expressed his joy in collaborating with one of the nation’s most renowned production houses alongside his friend Karan Johar. Together, they aim to elevate Dharma to new heights and expand its horizons in the future.
Playing the role of the executive chairman, Johar is set to lead the company’s creative direction, while Apoorva Mehta, as the chief executive officer, will collaborate with Johar to manage the company’s operational functions.
The declaration highlighted the intention to revolutionize content creation, distribution, and audience interaction through the incorporation of cutting-edge technologies and innovative production techniques. Moreover, it emphasized the focus of this funding on broadening extensive, multilingual projects, establishing brand series, and enhancing conventional entertainment structures.
Following numerous media reports indicating Johar’s interest in capitalizing on his shares in Dharma, it has been revealed that he engaged in discussions with various major companies such as Saregama and Jio Cinema.
According to Tofler, there were three directors in the company, with Johar’s mother, Hiroo Yash Johar, among them, and there were no key management personnel mentioned. The latest addition to the board is Mehta, who was appointed on 20th August.
Established in 1976 by Yash Johar, Dharma Productions stands as a prominent player in the Indian film industry. Currently helmed by Karan Johar, the company expanded its reach in 2018 with the introduction of Dharmatic Entertainment, catering to digital content creation.
Dharma stated in its announcement that India’s entertainment sector has undergone considerable growth, propelled by increasing digital adoption and a varied audience seeking top-notch content on various platforms, thus gaining greater international significance.
Johar expressed, “In partnering with Adar, a dear friend known for his remarkable vision and innovation, we are ready to take Dharma’s heritage to unprecedented levels. This collaboration harmoniously merges our expertise in heartfelt storytelling with progressive business approaches.
The CEO, Mehta, expressed that this investment opens up opportunities for delving into fresh content creation and distribution pathways, enhancing the Indian entertainment landscape. Most significantly, it empowers us to venture into more ambitious creative endeavors.
Dharma Productions received financial advisory services exclusively from The Raine Group, with legal counsel provided by AZB & Partners. Additionally, Serene Productions was legally represented by JSA.
