A subsidiary of Universal Music Group (UMG), a global leader in music-based entertainment, Universal Music India (UMI) stated that it has finalized an agreement with Excel Entertainment regarding this investment.
”According to the agreement, which sets Excel’s valuation at ₹2,400 crore (euro 257 million), UMI will take on a significant minority ownership in Excel with a 30% stake,” UMI noted in a statement.
Also read: ‘Ikkis’ box office collection Day 2: Agastya Nanda’s war drama grosses ₹3.5 crore
This deal will lay the groundwork for a new strategic alliance between UMI and Excel, aiming to boost Excel’s growth and further solidify UMI’s presence in the crucial Indian market, the statement added.
Devraj Sanyal, Chairman and CEO of Universal Music India & South Asia, along with his role as SVP of Strategy for Africa, Middle East, and Asia, will join Excel Entertainment’s Board of Directors under this agreement.
The founders of Excel, Ritesh Sidhwani and Farhan Akhtar, will continue to oversee creative direction and content decisions, the statement indicated.
Also read: Deepinder Goyal reveals he asked Blinkit founder Albinder Dhindsa to resign twice after acquisition
As part of the agreement, UMG will acquire global distribution rights for all future original soundtracks produced for projects owned or controlled by Excel.
The partnership will also see the launch of a dedicated Excel music label, which will be distributed worldwide by UMG, it noted.
Additionally, Universal Music Publishing Group will serve as Excel’s exclusive music publishing partner, offering opportunities for current UMG and UMI artists and repertoire to feature in Excel’s upcoming productions.
Commenting on the partnership, UMG CEO for Africa, Middle East, and Asia (AMEA), Adam Granite, remarked, ”Today’s announcement enhances UMG’s position in India, an exciting and strategically significant music market for the group on a global scale.”
He further added, ”By collaborating with Excel Entertainment, UMG will be ideally equipped to contribute from the initial stages to Excel’s future projects and throughout the creative journey, yielding substantial benefits for both parties.”
Excel Entertainment Founders Ritesh Sidhwani and Farhan Akhtar expressed that India’s entertainment scene continues to flourish, marking it as an ideal time to forge meaningful global partnerships.
The alliance with UMG is expected to be a ”truly creative and transformative collaboration — one that opens up new opportunities for artists and repertoire across music, film, and new formats,” they remarked.
Founded in 1999 by Ritesh Sidhwani and Farhan Akhtar, the studio has received 60 industry awards and accolades. Excel has released over 40 films, starting with the 2001 blockbuster ’Dil Chahta Hai’, as well as original scripted series.
