Filmmaker Karan Johar has sold a 50% stake in his iconic production house, Dharma Productions, to entrepreneur Adar Poonawalla, CEO of the Serum Institute of India.

This strategic partnership marks a significant shift for Dharma, which has been a stalwart in Indian cinema since its founding by Johar’s father, Yash Johar, in 1979.

Dharma Productions has a storied history, having brought to life cinematic gems such as ‘Kuch Kuch Hota Hai’, ‘Kabhi Khushi Kabhie Gham’, and ‘Kabhi Alvida Naa Kehna’. In recent years, the production house has continued its legacy with successful films like ‘Kill’ and Alia Bhatt’s latest release, ‘Jigar’, which just hit theaters last Friday.

The announcement of the deal came via a press statement from Dharma Productions, revealing that Poonawalla’s Serene Productions will invest a substantial INR 1,000 crore into the company, thus acquiring a 50% stake.

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Karan Johar will maintain the other half of the ownership, continuing to steer the creative vision of Dharma Productions as Executive Chairman. Apoorva Mehta will collaborate closely with Johar as the Chief Executive Officer, focusing on the strategic direction and operational excellence of the organization.

This acquisition marks a new chapter for Dharma Productions, especially amid speculation in recent months about potential stakes going to hands of other major players in the industry, such as Reliance or Saregama.

Expressing his excitement about the collaboration, Adar Poonawalla stated, “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.”

Poonawalla’s venture into Bollywood follows his significant achievements in the healthcare sector, particularly for his role in the rapid development of the Covishield vaccine during the COVID-19 pandemic.

Karan Johar echoed Poonawalla’s enthusiasm, emphasizing the synergy between their visions. “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 ready to elevate Dharma’s legacy to new heights. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies.”