India’s leading vaccine manufacturer has acquired a 50% interest in a prominent Bollywood production house renowned for its successful films.
According to a company statement, Adar Poonawalla’s Serene Production has announced an investment of 10 billion rupees ($119 million; £91.3 million) in Karan Johar‘s Dharma Productions and Dharmatic Entertainment.
Poonawalla leads the Serum Institute of India (SII), which is recognized as the largest vaccine manufacturer globally by volume of doses. The institute played a crucial role during the pandemic, producing millions of COVID-19 vaccines for India and numerous other nations.
Poonawalla’s investment in the entertainment company marks a notable development as Bollywood continues to navigate challenges following the COVID-19 pandemic, which led to the closure of cinemas.
Competition is intensifying in the industry as numerous local and global streaming platforms vie for dominance in the Indian market.
“I am thrilled to announce my collaboration with one of the most renowned production houses in the country, alongside my friend Karan Johar,”
Poonawalla stated in a press release. “We aim to develop and expand Dharma, reaching even greater milestones in the future.”
Johar stands out as one of India’s leading producers and directors, renowned for his hit television shows. The production house, established four decades ago, has been responsible for iconic films, including Kuch Kuch Hota Hai and Kabhi Khushi Kabhi Gham, both of which showcase the talents of superstar Shah Rukh Khan.
In recent years, however, numerous studio films have struggled to ignite excitement among audiences at the box office.
Recent reports indicated that Johar was engaged in discussions with leading Indian conglomerates Reliance and RPSG, the parent company of music label Saregama, regarding potential investments in his company.
In a statement regarding the partnership that allows him to maintain a 50% stake, Johar remarked, “This collaboration signifies an ideal fusion of our emotional storytelling capabilities and innovative business approaches.”
“This collaboration paves the way for a myriad of opportunities to produce content that will connect with audiences across different cultures and age groups,” he stated.