India, Jan. 5 -- Universal Music India (UMI), a division of Universal Music Group (UMG), the world leader in music-based entertainment, formally announced that it has entered into an agreement with Indian production house Excel Entertainment. Universal has acquired a 30% stake in Excel, owned by Farhan Akhtar and Ritesh Sidhwani. The investment values Excel at Rs.2400 crore ($266 million), making it one of the most valuable Indian production houses around.

The partnership was announced on Monday morning at a press conference attended by Maharashtra Chief Minister Devendra Fadnavis, along with the leadership from both companies.

Under the terms of the agreement, UMG will gain global distribution rights for all future original soundtracks...