Universal Music India has taken a significant minority stake in leading Indian production banner Excel Entertainment, deepening its push into India’s fastest-growing entertainment market and forging a new pipeline between the country’s local film content and global music distribution.
The deal, unveiled on Monday, values Excel at ₹2,400 crore (approximately $290 million). Under the agreement, Universal Music India — a division of Universal Music Group — will acquire a 30 percent equity interest, while partnering with the Mumbai-based studio across film, series, music and emerging formats. The two companies described the pact as a strategic alliance designed to accelerate Excel’s growth while strengthening UMG’s position in India’s music-driven screen economy.
As part of the collaboration, UMG will receive global distribution rights for all future original soundtracks attached to projects produced or controlled by Excel. The companies will also launch a dedicated Excel music label, distributed worldwide by UMG, while Universal Music Publishing Group becomes Excel’s exclusive publishing partner — opening the door for UMG and Universal Music India artists to appear across Excel titles.
“This partnership with UMG marks a pivotal step in our journey to broaden creative opportunities and tell Indian stories with a global lens,” said Excel CEO Vishal Ramchandani. “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.”
Ritesh Sidhwani and Farhan Akhtar, who co-founded Excel in 1999 and will continue to steer its creative direction, framed the alliance as a moment to leverage international collaboration at a time when India’s content industries are expanding rapidly. UMG, meanwhile, will gain a seat on Excel’s board through Devraj Sanyal, chairman and CEO of Universal Music India & South Asia and senior vp of strategy for Africa, the Middle East and Asia.
UMG executives said the pact positions the company at the earliest stages of Excel’s development pipeline — especially around music-led projects — in a market where film soundtracks remain central to listening habits and often enjoy extensive replay life.
“Today’s announcement further strengthens UMG’s position in India, a dynamic and strategically important music market for the group globally,” said Adam Granite, CEO of UMG’s Africa, Middle East and Asia division. “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.”
Founded with the breakout success of Dil Chahta Hai in 2001, Excel has built one of India’s most recognizable production brands, spanning theatrical films and streaming series. Its slate includes titles such as Lakshya, Don, Zindagi Na Milegi Dobara, Fukrey, Dil Dhadakne Do and Gully Boy, alongside streaming successes including Inside Edge, Mirzapur, Made in Heaven, Dahaad and the recent Netflix project Dabba Cartel. The company’s projects have earned both commercial traction and some festival recognition, with appearances at Cannes, Berlin and Toronto.
For UMG, the investment comes amid strong structural growth in India, ranked the world’s 15th-largest recorded-music market, with its uncommonly tight link between screen content and soundtrack performance. The companies cited the country’s more than 375 million OTT viewers and roughly 650 million smartphone users as indicators of future upside — alongside the cultural staying power of widely replayed film music.
Financial advisors on the transaction included Morgan Stanley for Excel, with legal counsel provided by AZB & Partners for UMG and Khaitan & Co for Excel. Ernst & Young and KPMG acted as transaction advisors.
Both parties said the partnership is intended to create new revenue streams and cross-platform opportunities while expanding the global reach of Indian stories and artists. Details on the new Excel music label and forthcoming soundtracks will be announced in the months ahead, they said.
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