Serum Institute of India's Chief Executive Officer (CEO) Adar Poonawalla announced on Monday that his company, Serene Productions, will acquire a 50 per cent stake in Karan Johar's Dharma Productions and Dharmatic Entertainment, collectively known as Dharma, for ₹1,000 crore.
According to the binding agreement, Johar will retain the remaining 50 per cent ownership, Dharma Productions said in a statement.
This announcement follows several media reports suggesting that Johar wanted to monetise his stakes in Dharma. He had also held talks with several large firms, including Saregama and Reliance Industries.
Dharma Productions reported its lowest consolidated net profit in 10 years for 2023-24 (FY24), according to documents submitted to the Registrar of Companies on October 17 and reviewed by Business Standard.
The company's profit plunged by 94.5 per cent year-on-year (Y-o-Y) to ₹59 lakh in FY24. Consolidated revenue also declined by 50.2 per cent Y-o-Y to ₹520.2 crore. The company reported a decrease in its core revenue from the distribution and exhibition of films and other distribution rights by 83 per cent to ₹111.38 crore in FY24.
Poonawalla was quoted in the statement: “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. We hope to build and grow Dharma and scale even greater heights in the years to come.”
Bu hikaye Business Standard dergisinin October 22, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Standard dergisinin October 22, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Centre readies plan to sell up to 20% in 5 PSBs
Govt may consider both OFS and QIP routes for diluting its stake
RBI Frees Up Bank Capital With NBFC Risk Weight Rollback
With bank loan growth slowing over the past year, the Reserve Bank of India (RBI) has decided to reverse its decision to increase the risk weight of bank loans to non-banking financial companies (NBFCs), which will result in a substantial release of capital for banks.
Delhi lost ₹2K cr due to liquor policy: CAG
A Comptroller and Auditor General (CAG) report, tabled in the Delhi Assembly on Tuesday, has faulted the excise policy introduced by the previous Aam Aadmi Party (AAP) government in 2021 to have caused cumulative losses worth over ₹2,000 crore to the Delhi government.
Capex slows in FY25 but key infra, power players set to benefit
Post-election capital expenditure (capex) has been weak at 2 per cent year-on-year (Y-o-Y) in M9FY25.
Nifty nears 2nd-worst losing streak in 30 yrs
Amid the fall, one in every five Nifty stock is more than 28% down over the past five months
Ericsson to help Airtel shift to 5G standalone
Ericsson will be supplying key 5G equipment to telecom operator Bharti Airtel for seamless transition to a commercially live, full-scale 5G Standalone (SA) network over time, the Swedish telecom gear maker said on Tuesday.
Road to Decentralisation
Rural local bodies need to be strengthened
Bitcoin slides below $90K as crypto selloff gathers steam
The Fall
Sebi slaps ₹5 cr fine on ICCL for audit, cybersecurity lapses
The Securities and Exchange Board of India (Sebi) on Tuesday imposed a ₹5.05 crore penalty on Indian Clearing Corporation Ltd (ICCL), a wholly owned BSE subsidiary, for failing to comply with cybersecurity and system audit norms.
Microfinance loan book shrinks 3.5% to ₹3.85 trillion in Dec qtr
The gross loan portfolio in the microfinance segment shrunk by 3.5 percent year-on-year (Y-o-Y) to ₹3.85 trillion during the third quarter of financial year 2025 (Q3FY25) as the period was marked by curtailed funding and strict credit underwriting.
