Mumbai, Oct 21: Since last few days speculations were doing rounds that Karan Johar’s Dharma Productions is in loss and he is looking to sell some of his stakes to Mukesh Ambani led Reliance industries. 

However it’s not Reliance but Adar Poonawala led Serene Productions that acquired a fifty percent stake in Karan Johar’s Dharma. On Monday, 21st October Karan Johar’s Dharma and Adar Poonawalla’s Serene Entertainment released a joint statement stating “Adar Poonawalla led Serene Productions today announced that it has entered into a binding agreement to invest INR 1,000 crore into Karan Johar’s Dharma Productions and Dharmatic Entertainment (collectively, “Dharma”), India’s leading production house. Through this investment, Serene Productions will hold a 50% stake in Dharma, with Karan Johar retaining the remaining 50% ownership. Karan Johar as the Executive Chairman will spearhead the company's creative vision, while Apoorva Mehta, in his role as the Chief Executive Officer, will work with Karan in steering the strategic direction and overseeing the operational excellence of the organization. Speaking about the same, Adar Poonawalla, said, "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."

Commenting on the partnership, Karan Johar, Executive Chairman of Dharma, 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 represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies.”

Apoorva Mehta, CEO of Dharma, said, "Over the years, I've witnessed Dharma's transformation into a multi-faceted content powerhouse. This partnership with Adar realizes our vision and marks a new era where cinema, streaming, and global content converge. It enables us to explore new avenues in content creation and distribution, elevating the Indian entertainment ecosystem. More importantly, this investment allows us to take bigger creative steps."

IANS

Read Entertainment News