4 months ago
Universal Music India (UMI) is group to return a number liking successful Excel Entertainment, nan Bollywood movie and integer workplace down films specified arsenic Dil Chahta Hai and Don.
The definitive statement hands Universal Music Group (UMG)-owned UMI a 30% shareholding successful Mumbai-based Excel, valuing nan institution astatine ₹2,400 crores ($300M). Though nan worth of nan transaction was not officially disclosed, its liking is worthy $90M astatine existent rate conversion rates.
UMI will summation world distribution for each early soundtracks from Excel-owned aliases -controlled projects, and will spot nan motorboat of a dedicated Excel euphony label, which UMG will administer globally. Universal Music Publishing Group will besides go exclusive euphony publishing partner to Excel.
Devraj Sanyal, Chairman and CEO of Universal Music India & South Asia and SVP of Strategy, Africa, Middle East and Asia – will subordinate Excel’s board, pinch Excel founders Ritesh Sidhwani and Farhan Akhtar remaining successful power of imaginative guidance and content.
Founded successful 1999, Excel has made much than 40 films and scripted TV shows. It is known for a drawstring of Indian container agency hits specified arsenic Dil Chahta Hai, Don, Zindagi Na Milegi Dobara and Talaash. It besides makes much avant-garde features specified arsenic Gully Boy, India’s first hip-hop movie and nan country’s Oscars introduction successful 2019, and TV shows specified arsenic nan 2019 International Emmy-nominated play Inside Edge, India’s first original bid connected Prime Video.
More recently, its play bid Dahaad took a information astatine nan Berlinale, and past year’s Superboys of Malegaon, co-produced pinch Tiger Baby, premiered successful Toronto. Streaming bid person included Prime Video’s Mirzapur and Netflix’s Dabba Cartel.
The woody is nan first awesome Indian manufacture talking constituent of 2026, and comes arsenic nan country’s streaming marketplace continues apace.
“India’s intermezo scenery continues to turn from spot to strength, and this is nan cleanable infinitesimal to build meaningful world collaborations,” said Sidhwani and Akhtar successful a statement. “We’re excited to partner pinch UMG successful what we judge will beryllium a genuinely imaginative and transformative confederation – 1 that unlocks caller opportunities for artists and repertoire crossed music, film, and emerging formats. Together, we purpose to return culturally rooted stories to nan world.”
Excel CEO Vishal Ramchandani added nan woody marked “a pivotal measurement successful our travel to broaden imaginative opportunities and show Indian stories pinch a world lens.”
Adam Granite, UMG’s CEO of Africa, Middle East and Asia, explained nan rationale down nan investment. “Original soundtracks stay astatine nan bosom of India’s fast-growing euphony market, pinch Indian listeners showing a increasing desire to entree much euphony successful that genre,” he said. “By investing successful and partnering pinch Excel Entertainment, UMG will beryllium uniquely positioned to lend from nan earliest shape to Excel’s early endeavours and passim nan imaginative process, providing immense benefits to some parties.”
AZB & Partners acted arsenic ineligible counsel to UMG, while Ernst & Young and KPMG served arsenic transaction advisors to Excel and UMG, respectively. Morgan Stanley acted arsenic financial advisors to Excel, pinch Khaitan & Co serving arsenic ineligible counsel.
