India's leading vaccine maker has bought a 50% stake in a major Bollywood production company known for making popular films.
Adar Poonawalla's Serene Production will invest 10 billion rupees ($119 million; £91.3 million) in Karan Johar's Dharma Productions and Dharmatic Entertainment, his company said.
Poonawalla also heads the Serum Institute of India (SII), the world's largest vaccine manufacturer by number of doses, which has produced millions of Covid-19 vaccines for India and many other countries during the pandemic.
Poonawalla's investment in the entertainment company is a significant move at a time when Bollywood is struggling to overcome a difficult period since cinemas closed due to the Covid-19 pandemic.
The industry also faces competition from dozens of local and global streaming platforms in India.
“I am thrilled to have the opportunity to associate with one of the most iconic production houses of our country, alongside my friend Karan Johar,” Poonawalla said in a press release. “We hope to build and develop the Dharma and reach even greater heights in the years to come. »
Johar is one of India's leading producers and directors, also known for his popular television shows. His four-decade-old production house has produced iconic films such as Kuch Kuch Hota Hai and Kabhi Khushi Kabhi Gham, starring star Shah Rukh Khan.
But in recent years, many films made by the production house have failed to generate excitement at the box office.
Earlier reports had indicated that Johar was in talks with major Indian conglomerates Reliance and RPSG, owner of music label Saregama, to invest in his company.
Commenting on the partnership in which he will retain a 50% stake, Johar said, “This partnership represents a perfect blend of our prowess in emotional storytelling and forward-thinking business strategies. »
“This collaboration opens a world of possibilities for creating content that will resonate across borders and generations,” he said.
