Serum Institute CEO Adar Poonawalla's Serene Productions has picked up 50 percent stake in Karan Johar's Dharma Productions, for Rs1,000 crore. While this partnership could be detrimental to competitors such as Saregama and Zee, analysts say that is signals a new era of corporatisation for the volatile industry
(left) Adar Poonawalla, CEO, Serum Institute of India and Karan Johar
After weeks of speculation, Karan Johar’s Dharma Productions has sold 50 percent stake, but not to the reported bidders. While market watchers expected entertainment giants such as Saregama and Jio Cinema to be among the top contenders, in a surprise move, Johar has partnered instead with ‘close friend and innovator’ Adar Poonawalla.
Poonawalla, who is the CEO of vaccine maker Serum Institute of India, has pumped in Rs1,000 crore for 50 percent of Dharma (the combined entity, which includes the film production house Dharma Productions as well as its digital arm, Dharmatic Entertainment). Poonawalla’s stake has been bought via a company he leads called Serene Productions, believed to have been set up not long before the deal was announced.
Karan Johar as the executive chairman will spearhead the company's creative vision, while Apoorva Mehta, in his role as the chief executive officer, will work with Johar in steering the strategic direction and overseeing the operations of the organisation.
“From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture,” Johar says. “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.”