India, Jan. 5 -- Farhan Akhtar's Excel Entertainment Pvt. Ltd. has sold a minority stake to Universal Music Group NV's India unit, in a deal that pegs the valuation of the production company more than that of Karan Johar's Dharma Productions.

The Hilversum, Netherlands-based company has agreed to invest Rs.7,200 crore for a 30% stake, valuing the Mumbai-based production house at Rs.2,400 crore, according to a joint statement on Monday (5 January 2026). The deal will form a "strategic partnership" to accelerate Excel's growth as well as further boost Universal Music's position in the "important" India market, it said.

Founded by childhood friends and now moviemakers Ritesh Sidhwani and Farhan Akhtar in 1999, Excel Entertainment produced ...