Karan Johar’s Dharma Productions Sells 50% Stake To Pharmaceutical Magnate Adar Poonawalla

Jesse Whittock

October 21, 2024 at 9:00 a.m.·2 min read

Karan Johar’s Indian production powerhouse Dharma Productions has major new investment.

The Koffee With Karan maker is selling 50% to its shares to Serene Productions, which is led by pharmaceutical tycoon Adar Poonawalla, for 1,000 crore ($120M). The binding agreement values Dharma, which comprises Dharma Productions and Dharmatic Entertainment, at around $240M.

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Local reports suggest Johar had also met with the likes of Reliance Industries, Saregama and the Adani Group about offloading shares before sealing the Serene Productions agreement. The company’s revenues for 2022/23 financial year were about $124M.

Following the deal Johar, whose father Yash Johar founded Dharma back in 1976, will retain the remaining 50%. He will be Executive Chairman, spearheading the company’s creative vision, with Apoorva Mehta as CEO.

Dharma Productions’ recent films include Kill, Bad Newz, Rocky Aur Rani Ki Prem Kahani and Brahmāstra: Part One – Shiva, while digital-focused Dharmatic Entertainment is known for streaming shows such as The Fabulous Lives of Bollywood Wives, Call Me Bae, The Tribe, Show Time, and Love Storiyaan, and has deals in place with Netflix and Prime Video.

Poonawalla is known as CEO of Serum Institute of India and chair of Poonawalla Fincorp. He is known for playing a significant role in the distribution of the AstraZeneca Covid-19 vaccine in India and around the world.

Dharma and Serene’s leaders say the deal will help position Dharma as a digital-first production biz. The partnership will “transform content creation, distribution, and audience engagement by integrating advanced technologies and pioneering production methods,” the added.

“From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture,” said Karan Johar. “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. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies.

“It’s about honoring our roots while embracing the future of global entertainment. Dharma’s journey has been remarkable, and this collaboration opens up a world of possibilities for creating content that will resonate across borders and generations.”

“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,” added Poonawalla. “We hope to build and grow Dharma and scale even greater heights in the years to come.”

The Raine Group served as exclusive financial advisor to Dharma. AZB & Partners served as the legal counsel to Dharma Productions. JSA was legal counsel to Serene Productions.

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Karan Johar’s Dharma Productions Sells 50% Stake To Pharmaceutical Magnate Adar Poonawalla

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