KJo's Dharma Productions Sells 50% Stake To Adar Poonawalla

Business tycoon Adar Poonawalla has acquired a 50% stake in Karan Johar's Dharma Productions and Dharmatic Entertainment (collectively known as Dharma). According to a press note released by Dharma Productions, the deal, finalised for ₹1,000 crore, involves Poonawalla's Serene Entertainment. The remaining 50% ownership will remain with Karan Johar, who will lead the company's creative vision as the Executive Chairman. As the Chief Executive Officer, Apoorva Mehta will collaborate with Karan to guide the strategic direction and ensure operational excellence within the organisation.

Adar Poonawalla expressed his happiness to join hands with Karan Johar. He 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."

Talking about the partnership, Karan Johar said, "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.” 

KJo added, “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."

The CEO of Dharma, Apoorva Mehta said that this partnership allows the production house to take “bigger creative steps.” He said, "Over the years, I've witnessed Dharma's transformation into a multi-faceted content powerhouse. This partnership with Adar realizes our vision and marks a new era where cinema, streaming, and global content converge. It enables us to explore new avenues in content creation and distribution, elevating the Indian entertainment ecosystem. More importantly, this investment allows us to take bigger creative steps."

Dharma Productions was founded in 1976 by Karan Johar's father, Yash Johar. The production house has been behind films such as Kuch Kuch Hota Hai, Kabhi Alvida Naa Kehna, Student of the Year, Good Newwz and Brahmastra: Part One – Shiva.

On the other hand, Dharmatic Entertainment was launched in 2018 and focuses on a wide array of projects, including web series, documentaries and feature films. Ajeeb Daastaans, Ae Watan Mere Watan, Koffee With Karan, Fabulous Lives of Bollywood Wives and The Tribe are produced by Dharmatic Entertainment.

from NDTV News- Topstories https://ift.tt/8gFBnpE