Why did karan Sell 50 % Stakes Of the Production house To Adar For Rs. 1*** Crores
In a noteworthy development, it has been reported that filmmaker karan johar has sold a 50 percent stake in dharma productions to entrepreneur Adar Poonawalla, who is associated with the Serum Institute of India. The agreement, facilitated by Adar-led Serene Productions, was finalized at a valuation of Rs. 1000 crores.According to the reports, karan johar will retain his position as Executive Chairman, responsible for the creative direction of the company. Meanwhile, apoorva Mehta, the CEO of Dharma, will oversee the strategic operations. In a recent statement, Adar expressed his enthusiasm about the partnership, stating, "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." In recent months, there have been ongoing reports indicating that dharma productions has been facing financial challenges, attributed to increasing production costs and a shift in audience preference towards OTT platforms. Earlier, there were indications that the RP Sanjiv Goenka Group, the owner of Saregama, was in talks to acquire Dharma, but the deal did not materialize. karan johar has been at the helm of the production house since the passing of his father, yash Johar, in 2004.
He has since expanded the business with initiatives like dharma 2.0 and Dharmatic. Reflecting on the collaboration with Adar, karan remarked, "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 the Serum Institute of India, known for producing the Covishield vaccine during the COVID-19 pandemic, and he is also the founder of a wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital non-banking company.