Universal Music Group has opened 2026 with a significant investment in India’s entertainment sector.
The company’s division in the market has signed a definitive agreement to acquire a 30% stake in Excel Entertainment, in a deal that values the Bollywood production house at 24 billion Indian rupees (approx. USD $267 million).
Universal Music India confirmed the deal on Monday (January 5), saying the strategic partnership would give UMG worldwide distribution rights for all future original soundtracks created for projects owned or controlled by Excel.
Excel Entertainment, founded by producers Ritesh Sidhwani and Farhan Akhtar in 1999, produces Indian movies including titles such as Gully Boy, touted as India’s first hip-hop film and the country’s official entry to the Academy Awards in 2019.
The company is also behind Inside Edge, India’s first original series on Amazon Prime Video, which was nominated for the International Emmy Awards under the Best Drama category in 2018.
As part of the deal, UMG will roll out a dedicated Excel music label with global distribution capabilities. Universal Music Publishing Group will serve as the exclusive music publishing partner of Excel.
Following Inside Edge’s Emmy nomination, Excel produced Mirzapur, Made in Heaven, Dahaad and Netflix‘s Dabba Cartel.
Other titles include box office hits like Dil Chahta Hai, Don, Zindagi Na Milegi Dobara, Talaash and Fukrey & Toofaan.
Following the investment, Devraj Sanyal (Chairman and CEO of Universal Music India & South Asia and SVP of Strategy, Africa, Middle East and Asia), will join Excel Entertainment’s board, while Sidhwani and Akhtar will remain in the company to oversee creative direction and content decisions.
Sanyal said: “Farhan and Ritesh have built an exceptionally impressive business, and we’re thrilled to be working with them on the next phase of their journey. The Indian film scene presents a hugely exciting opportunity for music and the music-led entertainment business, and Excel is the perfect partner for us to work with going forward.”
“The Indian film scene presents a hugely exciting opportunity for music and the music-led entertainment business, and Excel is the perfect partner for us to work with going forward.”
Devraj Sanyal, Universal Music India and South Asia
Commenting on UMG’s investment, Sidhwani and Akhtar said: “India’s entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations.”
They added: “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.”
“India’s entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations.”
Ritesh Sidhwani and Farhan Akhtar, Excel Entertainment
Excel Entertainment CEO Vishal Ramchandani said: “This partnership with UMG marks a pivotal step in our journey to broaden creative opportunities and tell Indian stories with a global lens. With a shared vision for innovation and excellence, we aim to transform Excel into a creative global studio – one that brings clutter-breaking, original content to audiences across platforms and geographies.”
Adam Granite, UMG’s CEO of Africa, Middle East and Asia, said the move further bolsters UMG’s presence in India, which he described as “a dynamic and strategically important music market for the group globally.”
“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.”
Adam Granite, Universal Music Group
Granite 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.
“By investing in and partnering with Excel Entertainment, UMG will be uniquely positioned to contribute from the earliest stage to Excel’s future endeavours and throughout the creative process, providing huge benefits to both parties.”
The investment marks UMG’s latest strategic move in India, the world’s 15th largest recorded music market by annual revenues, according to IFPI. In March 2025, Universal Music India launched a new label called Pentertainment 0075 in partnership with superstar India-based rapper Badshah.
UMG first struck an exclusive global agreement with Badshah in 2021.
Separately, in 2022, Universal Music India took a majority stake in India-based music and entertainment company TM Ventures, which manages a roster of artists that includes Badshah.
In August 2025, Universal Music India entered into a strategic partnership with Maddock Films, one of India’s most prolific Hindi film production studios, and its newly formed music label Mad For Mussic, led by founder Dinesh Vijan.
In 2023, Universal struck a strategic partnership with India-based talent agency REPRESENT to help introduce Indian music culture to global audiences.
In 2021, Universal Music India launched label VYRL Punjabi in association with music composer Jatinder Shah. That same year, Universal Music India and Capitol Records teamed up on Jason Derulo’s rework of Tesher’s global hit, Jalebi Baby, which was released in 2020.
UMG’s investment comes amid the growing appeal of music used in Bollywood films. Last month, India’s oldest music label Saregama agreed to invest 3.25 billion Indian rupees ($36m) in Bhansali Productions through a multi-stage acquisition that could eventually give it majority control of the Bollywood movie studio.
Indian film director Sanjay Navin Bhansali (professionally known as Sanjay Leela Bhansali) founded Bhansali Productions in 1996. The studio is known for films like Hum Dil De Chuke Sanam (1999) and Devdas (2002). Devdas won India’s National Film Award for Best Popular Film Providing Wholesome Entertainment, and was nominated for the BAFTA Award for Best Film Not in the English Language in the UK.
Music Business Worldwide
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