In a surprising turn of events, it is reported that filmmaker, Karan Johar sold 50 percent stakes in Dharma Productions to entrepreneur, Adar Poonawalla of the Serum Institute of India. Adar-led Serene Productions closed the agreement at Rs. 1000 crores. The reports further stated that Karan Johar will continue as the Executive Chairman, overseeing the company’s creative direction.
On the other hand, the CEO of Dharma, Apoorva Mehta, will manage the strategic aspects. In a recently released statement, Adar announced the news and said:
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“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.”
For the past months, there have been constant reports of Dharma Productions running at a loss. Rising production costs and a preference for OTT platforms are cited as the reasons behind the loss. Previously, reports surfaced that Saregama owner, RP Sanjiv Goenka Group would be taking over Dharma, but the deal couldn’t be completed.
Karan Johar was leading the production house after his father, Yash Johar’s death in 2004. With the introduction of Dharma 2.0 and Dharmatic, Karan expanded his business. Talking about joining forces with Adar, Karan stated:
“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. 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 perfectly blends our emotional storytelling prowess and forward-thinking business strategies. “
Adar Poonawalla is the CEO of Serum Institute of India, which created Covishield vaccines during the COVID-19 pandemic. Adar is also the founder of a digital non-banking company, Fincorp. Recently, it was speculated that Reliance or Saregama would purchase Dharma Productions stakes.
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While Adar purchased 50 percent of Dharma's stakes, the other 50 percent is owned by Karan himself.
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