The top vaccine manufacturer in India has purchased a 50 % stake in a major Bollywood production company renowned for producing well-known movies.
Adar Poonawalla’s Serene Production will invest 10bn rupees ($ 119m, £91.3m ) in Karan Johar’s Dharma Productions and Dharmatic Entertainment for, his company said.
Poonawalla also serves as the head of India’s Serum Institute, which produced millions of Covid-19 pictures for India and many other nations during the pandemic. SII is the largest vaccine manufacturer worldwide in terms of doses.
The investment in the entertainment business by Poonawalla is a major shift at a time when Bollywood is struggling to recover from slim years since the Covid-19 pandemic shut down theater.
Additionally, the sector is in opposition to lots of local and global streaming services in India.
In a press release, Poonawalla stated,” I’m thrilled to have the opportunity to work with one of our country’s most renowned manufacturing homes together with my friend Karan Johar.” ” We hope to develop and expand the Dharma and reach even higher levels in the future.”
Johar is one of India’s leading manufacturers and managers, and he is also known for his well-known TV shows. His four-decades-old manufacturing property has produced renowned films like Shah Rukh Khan’s Kuch Kuch Hota Hai and Kabhi Khushi Kabhi Gham.
However, many of the manufacturing house’s films in recent years have failed to generate resounding box office rage.
Earlier reports had said that Johar was in talks with India’s top conglomerates Reliance and RPSG, which owns music label Saregama, to invest in his firm.
Johar stated in a statement regarding the partnership where he will keep a 50 % stake that” this partnership represents a great fusion of our psychological storytelling skills and forward-thinking business techniques.”
This partnership opens up a world of opportunities for producing content that will appeal to both generations and across borders, he said.