Universal Music Group’s India arm has acquired a 30 percent stake in Excel Entertainment at an enterprise valuation of ₹2,400 crore, marking one of the largest recent transactions in India’s filmed entertainment sector. The deal gives Universal Music Group a strategic entry into long-form video and film production, while deepening its exposure to Bollywood soundtracks and original IP.
Founded by Farhan Akhtar and Ritesh Sidhwani, Excel Entertainment will continue to operate with full creative control retained by its founders. As part of the agreement, Devraj Sanyal, Chairman and CEO of Universal Music India & South Asia and SVP of Strategy for Africa, Middle East and Asia, will join Excel Entertainment’s board.
The transaction follows a string of high-profile investments in Hindi film production, including Adar Poonawalla’s ₹1,000 crore acquisition of a 50 percent stake in Dharma Productions and Saregama’s ₹325 crore investment in Bhansali Productions. Together, these moves signal a renewed consolidation phase across India’s media and entertainment ecosystem, as companies pursue scale, capital efficiency, and stronger ownership of intellectual property.
For UMG, the investment positions it as only the second major music label after Saregama to take an equity stake in a film production company in India, reinforcing a broader strategic shift toward music-led filmed entertainment. The partnership enables UMG to participate earlier in the content lifecycle, particularly around original soundtracks, which continue to anchor India’s recorded music economy.
Commenting on the partnership, Akhtar and Sidhwani said the alliance reflects a timely opportunity to build globally oriented collaborations rooted in Indian storytelling, spanning music, film, and emerging formats. Vishal Ramchandani, CEO of Excel Entertainment, added that the partnership accelerates Excel’s ambition to evolve into a global creative studio delivering original, platform-agnostic content.
From UMG’s side, Adam Granite, CEO of Africa, Middle East and Asia, highlighted India’s strategic importance to the group, noting that original film soundtracks remain central to the country’s fast-growing music market. Sanyal described Excel as a natural long-term partner for UMG as the company expands its music-led entertainment footprint in the region.
India is currently the world’s 15th-largest recorded music market by revenue, according to IFPI, supported by deep interdependencies between film, OTT, and music consumption. With over 375 million OTT viewers and an estimated 650 million smartphone users, the convergence of filmed entertainment and music IP continues to present significant growth headroom for global and domestic players alike.
