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Saregama Partners with Sanjay Leela Bhansali in Major Equity Deal to Transform Bollywood Music and Films
In a groundbreaking move set to reshape Bollywood’s music and film sectors, Saregama India Ltd has entered a strategic partnership with Bhansali Productions Pvt Ltd, led by renowned filmmaker Sanjay Leela Bhansali. Anchored by an equity investment from Saregama, this collaboration marks a long-term alliance between two creative giants.
As per the agreement, Bhansali Productions will exclusively license the music rights of all its upcoming films to Saregama under a pre-agreed pricing formula. This ensures Saregama a steady stream of premium film music while eliminating competitive bidding and helping control acquisition costs.Bhansali Productions retains full ownership of its intellectual property and maintains creative control over its films, while Saregama will oversee governance and financial discipline within the partnership framework.
The deal aligns with Saregama’s strategic shift away from in-house film production towards focused collaborations over the next one to two years. The investment is projected to be earnings-per-share accretive by FY27, strengthening margins across Saregama’s music and video divisions.Founded in 1996, Bhansali Productions has created iconic films such as Hum Dil De Chuke Sanam, Devdas, Bajirao Mastani, Padmaavat, and Gangubai Kathiawadi, alongside Netflix’s acclaimed series Heeramandi.
The studio plans to produce over 10 feature films in the next three years, including the eagerly awaited 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 ₹304 crores in revenue, ₹60 crores EBITDA, and ₹45 crores profit after tax. Commenting on the partnership, Avarna Jain, Vice Chairperson of Saregama India, said the collaboration embodies the company’s vision to join forces with established creative studios to deliver long-term shareholder value. Sanjay Leela Bhansali emphasized the partnership’s foundation on shared values of artistic integrity, music, and storytelling.
Kotak Investment Banking served as the exclusive financial advisor to Bhansali Productions. Saregama, part of the RP-Sanjiv Goenka Group, operates across music, digital content, television, artiste management, and film production.
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