Saregama India unveils $36 million deal with Bollywood studio Bhansali Productions

Saregama India will acquire 9,960 shares of Bhansali Productions for $35.8 million, the music label said on Tuesday, and also outlined a plan to take a 51% majority stake in the Bollywood movie studio by fiscal 2030.

Bhansali Productions, founded in 1996 by Indian film director Sanjay Leela Bhansali, has created several acclaimed Bollywood films such as the romance classic ‘Devdas’ and the historical fiction ‘Bajirao Mastani’ as well as the period drama series ‘Heeramandi’ on Netflix.

It was not immediately clear what percentage of ownership the shares granted the music label.

Bollywood’s lineup has been met with mixed reception in recent times, with lacklustre releases and competitive heat from streaming platforms struggling to bring audiences into cinemas. Last year, Bollywood filmmaker Karan Johar’s studio Dharma Productions sold 50% stake worth 10 billion rupees to Adar Poonawalla, CEO of vaccine maker Serum Institute of India.

Saregama said Bhansali Productions will exclusively sell future film music to it based on a pre-agreed formula, with the structure guaranteeing a steady pipeline of music by eliminating competitive bidding.

Saregama, which also houses a film production unit, added that the deal is expected to be accretive to earnings by fiscal year 2027.

Its consolidated revenue stood at 11.71 billion rupees and net profit at 2.04 billion rupees for fiscal 2025.