In a landmark move set to redefine Bollywood’s music and film landscape, Saregama India Ltd has announced a strategic partnership with Bhansali Productions Pvt Ltd, helmed by celebrated filmmaker Sanjay Leela Bhansali. The alliance is anchored by an equity investment from Saregama, signalling a long-term collaboration between two creative powerhouses.
Saregama joins forces with Sanjay Leela Bhansali! Major equity deal to reshape Bollywood music and films
Under the agreement, Bhansali Productions will exclusively sell the music rights of all its future films to Saregama based on a pre-agreed pricing formula. This structure ensures a steady pipeline of premium film music for Saregama while eliminating competitive bidding and controlling acquisition costs.
Bhansali Productions will retain full ownership of its intellectual property and creative control over its films. Meanwhile, Saregama will provide governance oversight and financial discipline within the partnership framework. The deal also aligns with Saregama’s strategy to streamline in-house film production over the next one to two years, focusing instead on strategic collaborations.
The investment is expected to be earnings-per-share accretive by FY27, boosting margins across Saregama’s music and video segments.
Founded in 1996, Bhansali Productions has delivered cinematic gems like Hum Dil De Chuke Sanam, Devdas, Bajirao Mastani, Padmaavat, and Gangubai Kathiawadi, along with Netflix’s acclaimed series Heeramandi. The studio plans to produce over 10 feature films in the next three years, including the highly anticipated Love and War starring Ranbir Kapoor, Alia Bhatt, and Vicky Kaushal, and Do Deewane Seher Mein featuring Siddhant Chaturvedi and Mrunal Thakur.
For FY25, Bhansali Productions reported Rs. 304 crores in revenue, Rs. 60 crores EBITDA, and Rs. 45 crores profit after tax. Commenting on the partnership, Avarna Jain, Vice Chairperson at Saregama India, said that the collaboration reflects the company’s vision to work with established creative studios and generate long-term shareholder value. Bhansali added that the partnership is rooted in shared values of artistic integrity, music, and storytelling.
Kotak Investment Banking acted as the exclusive financial advisor to Bhansali Productions for this transaction. Saregama, part of the RP-Sanjiv Goenka Group, operates across music, digital content, television, artiste management, and film production.
Also Read: Alia Bhatt opens up on emotional impact of Gangubai Kathiawadi: “I completely surrendered to Sanjay Leela Bhansali”
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