Pharmaceutical magnate Adar Poonawalla has taken a significant step into the entertainment industry, with his company Serene Productions investing $119 million into Indian filmmaker Karan Johar’s Dharma Productions and its digital arm, Dharmatic Entertainment. According to reports, this landmark deal values Dharma at $238 million and gives Poonawalla’s Serene Productions a 50% stake in the company.
As part of the agreement, Johar will maintain 50% ownership and continue to helm the company as executive chair, leading its creative endeavors. Apoorva Mehta, who has been a long-standing partner at Dharma, will stay on as CEO, managing the day-to-day operations and overseeing the company’s strategic growth.
This new partnership between Poonawalla and Johar is set to bolster Dharma’s footprint in large-scale, multilingual productions, franchise-building, and innovative entertainment formats. The goal is to blend Johar’s cinematic storytelling with Poonawalla’s business expertise, producing content that resonates with audiences not only in India but across the globe.
With revenues reaching $124 million in the 2022-23 financial year, Dharma remains one of India’s leading production houses. The studio has secured major partnerships with streaming giants like Netflix and Prime Video, and its recent productions include films like Jigra, Kill, and Rocky Aur Rani Kii Prem Kahaani.
Adar Poonawalla, best known as the CEO of Serum Institute of India (SII)—the world’s largest vaccine manufacturer by volume—has made a name for himself in global healthcare, particularly during the COVID-19 pandemic with SII’s production of the Oxford-AstraZeneca vaccine, branded as Covishield in India. His business portfolio extends beyond vaccines to financial services, where he chairs Poonawalla Fincorp.
The deal comes after months of speculation surrounding potential buyers for a stake in Dharma, with names like RP-Sanjiv Goenka Group’s Saregama, Mukesh Ambani’s Jio Studios, and the Adani Group all reportedly in the mix.
Expressing his enthusiasm for the collaboration, Poonawalla said, “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.”
Sharing similar sentiments, Karan Johar spoke about the significance of this new chapter for Dharma Productions. “From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of creating films that would leave a lasting impact, and I’ve dedicated my career to expanding that vision. 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.”
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