Enhancing its presence in India’s content production industry, Reliance Industries Ltd (RIL) might acquire a stake in Karan Johar’s Dharma Productions.
The production house has been exploring strategic partnerships with conglomerates and industrialists for some time now due to volatile box office fortunes, rising production and star costs, and audiences moving towards OTT platforms.
In terms of financial performance, Dharma Productions posted a nearly fourfold surge in revenue to Rs 1,040 crore in FY23, from Rs 276 crore the previous year, as per Tofler. Net profit of the company, however, fell 59% to Rs 11 crore due to a 4.5-times rise in expenses at Rs 1,028 crore. The production company owned 90.7% by Karan Johar himself and 9.24% by his mother, Hiroo Johar.
RIL is now in talks to acquire a stake in the company, claimed an ET report.
The development comes within a week of reports claiming that RP-Sanjiv Goenka Group-led Saregama India is planning to pick up a majority stake in Dharma Productions.
Storyboard18 could not independently verify the claims while filing of the report.