In what is one of the most surprising takeovers in recent history, Karan Johar, is selling 50 percent stakes of his family-founded production house Dharma Productions to entrepreneur Adar Poonawalla of the Serum Institute of India.
This business deal has caught many showbiz pundits off guard. Karan’s Dharma Productions, which was founded back in 1979, by his father Yash Johar, has over the years produced blockbusters like Kuch Kuch Hota Hai, Kabhi Khushi Kabhie Gham, Kabhi Alvida Naa Kehna, Agneepath and many more. Dharma’s recent releases include the superhit Kill and Alia Bhatt’s Jigar which hit theatres last Friday.
Adar Poonawalla is the CEO of Serum Institute of India, which created a record number of Covishield vaccines during the COVID-19 pandemic. Poonawalla is also the founder of Poonawalla Fincorp, a digital non-banking company based out of Pune.
Dharma Productions announced this strategic move through a press statement that read, “Adar Poonawalla led Serene Productions today announced that it has entered into a binding agreement to invest INR 1,000 crore into Karan Johar’s Dharma Productions and Dharmatic Entertainment (collectively, “Dharma”), India’s leading production house. Through this investment, Serene Productions will hold a 50% stake in Dharma, with Karan Johar retaining the remaining 50% ownership.”
The official statement further revealed, “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 Karan in steering the strategic direction and overseeing the operational excellence of the organization.”
In the recent past there was speculation that Dharma Productions’ stakes might be sold off to either Reliance or Saregama. It will be exciting to see Dharma Productions’ new direction after this takeover.
