Universal Music India (UMI), part of Universal Music Group (UMG), has entered into a definitive agreement to acquire a 30% stake in Excel Entertainment, valuing the Indian film and digital content studio at `2,400 crore.
The deal will mark one of the most significant cross-industry partnerships between a global music major and an Indian film production house, underscoring the growing convergence between the music and visual content sectors. The agreement will also see UMI and Excel collaborate to accelerate the studio’s growth and strengthen UMG’s footprint in India, currently the world’s 15th-largest recorded music market.
What does this partnership entail?
Under the partnership, UMG will gain global distribution rights for all future original soundtracks created for Excel projects. The two companies will also launch a dedicated Excel music label, to be globally distributed by UMG. In addition, Universal Music Publishing Group will become Excel’s exclusive music publishing partner, creating opportunities for UMG and UMI artists and repertoire to feature in Excel’s future productions.
What did Devraj Sanyal say?
Devraj Sanyal, Chairman and CEO of Universal Music India & South Asia and SVP of Strategy for Africa, Middle East, and Asia, will join Excel’s Board of Directors. Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to steer the company’s creative and content decisions.
“India’s entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations,” Sidhwani and Akhtar said in a joint statement. “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.”
Vishal Ramchandani, CEO, Excel Entertainment, added: “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.”
Founded in 1999, Excel Entertainment has produced more than 40 films and original series, including Gully Boy, Inside Edge and Mirzapur, and has won over 60 industry awards.
AZB & Partners acted as legal counsel to UMG, while Morgan Stanley and Khaitan & Co advised Excel Entertainment on the transaction.