Poonawalla is making this investment privately through Serene Productions. Johar will retain the remaining stake.

Adar Poonawalla, the billionaire CEO of the Serum Institute of India, is acquiring a 50% stake in Karan Johar‘s Dharma Production and Dharmatic Entertainment for Rs 1,000 crore. This investment values the film and television production and distribution company at Rs 2000 crore. The move further highlights the ongoing consolidation trend in the entertainment industry.
Dharma Productions, a prominent Bollywood production house, has been actively seeking investments and has engaged in discussions with several large conglomerates and industrialists.The company has explored potential partnerships with Sanjiv Goenka’s Saregama, with whom they already have business ties, as well as Reliance Industries and Jio Cinema.
Poonawalla is making this investment privately through Serene Productions. Johar will retain the remaining stake and continue as the Executive Chairman and creative head of Dharma, while Apoorva Mehta will remain the Chief Executive Officer. Currently, Karan Johar owns 90.7% of Dharma, and his mother, Hiroo, holds 9.24%.
Poonawalla expressed his optimism about the partnership, ssaying, “We hope to build and grow Dharma and scale even greater heights in the years to come.” Johar, in turn, described the collaboration as “a perfect blend of our emotional storytelling prowess and forward-thinking business strategies. It’s about honouring our roots while embracing the future of global entertainment.”
Insiders told ET that the key factor in forming this alliance was Johar’s ability to maintain creative control while partnering with a well-known and financially strong family.
Poonawalla’s investment will provide Dharma with the financial resources needed to adapt to the rapidly evolving preferences of digitally savvy consumers.
As reported by ET on October 14, major Hindi film production houses, including Dharma, have been cautious in giving the go ahead for new projects due to the uncertain nature of the box office, which also affects the value of streaming and satellite rights.
According to financial data accessed from Tofler, Dharma Productions experienced significant growth in revenue during FY23, reaching Rs 1,040 crore compared to Rs 276 crore in the previous year.
However, the company’s net profit declined by 59% to Rs 11 crore due to a substantial increase in expenses, which rose to Rs 1,028 crore. The company’s earnings in FY23 were derived from various streams, including distribution rights (Rs 656 crore), digital (Rs 140 crore), satellite rights (Rs 83 crore), and music (Rs 75 crore), showing a marked improvement from the previous year’s figures.
Founded by Yash Johar in 1976, Dharma Productions has been led by his son, Karan Johar, and his team since Yash Johar’s passing.
Adar Poonawalla has diversified his business interests over the years, venturing into financial services, real estate, and hospitality, among other sectors.