Saregama India is picking up a significant minority stake in filmmaker Sanjay Leela Bhansali-promoted Bhansali Productions Pvt Ltd (BPPL), the film studio which has delivered Bollywood blockbusters such as Hum Dil De Chuke Sanam, Devdas and Bajirao Mastani.
The deal, which marks Calcutta-based RP-Sanjiv Goenka Group’s first acquisition of a stake in a film production house, involves multiple tranches of investment, starting with subscription of 9,960 compulsory convertible preference shares (CCPS) of BPPL, for ₹325 crore.
Post conversion of the CCPS and subscription of further shares, Saregama’s shareholding in BPPL is expected to range between 28 per cent and 49.9 per cent on a fully diluted basis by 2028, with an option to acquire additional stake, leading to 51 per cent by 2030.
As part of the deal, Saregama India will also acquire ownership of all music created and produced by BPPL, strengthening its position in music licensing and expanding its presence in the video business, the company said.
Avarna Jain, vice-chairperson, Saregama, said: “This partnership underscores Saregama’s strategy of aligning with India’s finest creative minds while delivering long-term value to shareholders.”
Even though it would be the first investment in a production house, Saregama is not new to film productions, having produced a number of movies over the years both in Hindi and in regional languages such as Bengali.
The transaction follows a similar deal struck between Dharma Productions and vaccine king Adar Poonawala, whereby the latter picked up a 50 per cent stake in the Karan Johar-led production house for ₹1,000 crore in 2024.
Incorporated in 2003, BPPL is engaged in creation, production and monetisation of feature films, web series and music content. It reported a turnover of ₹304.14 crore in FY’25, a sharp jump from ₹5.52 crore and ₹7.91 crore in FY23 and FY24, respectively. Saragama said the investment is expected to be EPS accretive by FY27, improving margins across both its music and video segments.
With over 10 films planned in three years, BPPL’s upcoming slate includes Love and War, directed by Sanjay Leela Bhansali and starring Ranbir Kapoor, Alia Bhatt and Vicky Kaushal, and Do Deewane Shehar Mein, directed by Ravi Udyawar, starring Siddhant Chaturvedi and Mrunal Thakur.
Sanjay Leela Bhansali, founder of Bhansali Productions, said in a statement, “For me, powerful and meaningful cinema requires time, trust, and a deep respect for the process. In Saregama, we have found a partner that understands this philosophy.”
This is the second big ticket buy by the RPSG group in as many months. It acquired 40 per cent stake in fashion label Falguni Shane Peacock for about ₹182 crore.
