Universal Music India Takes Minority Stake in Farhan Akhtar, Ritesh Sidhwani's Excel Entertainment; Deal Values Studio at ₹2,400 Crore

Universal Music India will become a significant minority shareholder in Excel with a 30% equity stake.

Team THR India
By Team THR India
LAST UPDATED: JAN 07, 2026, 12:23 IST|5 min read
The team of Excel Entertainment and Universal Music India with Maharashtra CM Devendra Fadnavis
The team of Excel Entertainment and Universal Music India with Maharashtra CM Devendra Fadnavis

Universal Music India (UMI), a division of Universal Music Group (UMG), has entered into a definitive agreement with Farhan Akhtar and Ritesh Sidhwani's Excel Entertainment, taking a significant minority stake in the film and digital content studio.

Under the agreement, which values Excel at ₹2,400 crores, UMI will become a significant minority shareholder in Excel with a 30% equity stake. The deal will provide the foundation for Excel to accelerate its growth and further enhance UMI’s position in the Indian market.

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Under the terms of the agreement, UMG will gain global distribution rights for all future original soundtracks created for projects owned or controlled by Excel. The alliance also includes the launch of a dedicated Excel music label, to be globally distributed by UMG.

Universal Music Publishing Group will also become Excel’s exclusive music publishing partner, creating opportunities for existing UMG and UMI artists and repertoire to be included in Excel’s future productions.

Devraj Sanyal – Chairman and CEO of Universal Music India & South Asia and SVP of Strategy, Africa, Middle East and Asia – will serve on Excel Entertainment’s Board of Directors as part of the agreement. Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to shape creative direction and content decisions.

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Ritesh Sidhwani and Farhan Akhtar, Founders of Excel Entertainment, said, the coutry's entertainment landscape continues to grow from strength to strength, and this is the "perfect moment" to build meaningful global collaborations.

"We’re excited to partner with UMG in what we believe will be a truly creative and transformative alliance—one that unlocks fresh opportunities for artists and repertoire across music, film, and emerging formats. Together, we aim to take culturally rooted stories to the world," the duo said in a joint statement.

Vishal Ramchandani, CEO, Excel Entertainment, added that the partnership with UMG will mark a pivotal step in their journey to broaden creative opportunities and tell Indian stories with a global lens.

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Adam Granite, UMG’s CEO of Africa, Middle East and Asia (AMEA), said the move strengthens UMG’s position in India and added, "Original soundtracks remain at the heart of India’s fast-growing music market, with Indian listeners showing a growing desire to access more music in that genre."

Noting how Akhtar and Sidhwani built an exceptionally impressive business, Devraj Sanyal said the team is thrilled to be working with them on the "next phase of their journey."

Excel, founded in 1999 by Sidhwani and Akhtar, has released more than 40 films and original scripted series shows, beginning with the groundbreaking feature Dil Chahta Hai in 2001.

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