Universal Music India (UMI), a division of Universal Music Group (UMG), has entered into a definitive agreement with Excel Entertainment to acquire a significant minority stake in the leading Indian film and digital content studio. The deal values Excel Entertainment at ₹2,400 crore (approximately €257 million), with UMI acquiring a 30% equity stake.
The investment marks the beginning of a strategic partnership aimed at accelerating Excel Entertainment’s growth while further strengthening Universal Music India’s presence in the high-growth Indian market. Excel Entertainment has built a reputation for pushing creative boundaries in Indian cinema and digital storytelling, while also maintaining a strong track record in music, particularly musical dramas that resonate both domestically and internationally.
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 Entertainment. The partnership will also see the launch of a dedicated Excel music label, to be globally distributed by UMG. Universal Music Publishing Group will become Excel’s exclusive music publishing partner, opening avenues for existing UMG and UMI artists and repertoire to feature in Excel’s upcoming productions.
As part of the agreement, 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 of Directors. Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to lead the company’s creative vision and content decisions.
Commenting on the partnership, Ritesh Sidhwani and Farhan Akhtar said, “India’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.”
Vishal Ramchandani, CEO, Excel Entertainment, 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, CEO of Africa, Middle East and Asia at Universal Music Group, added, “Today’s announcement further strengthens UMG’s position in India, 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. 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.”
Devraj 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 partnership comes at a time when India ranks as the world’s 15th-largest recorded music market by revenue, supported by strong linkages between the audio-visual and music sectors. With over 375 million OTT viewers and approximately 650 million smartphone users, India presents significant long-term growth opportunities for music and entertainment companies.
Founded in 1999, Excel Entertainment has released more than 40 films and original scripted series, beginning with Dil Chahta Hai in 2001. Its portfolio includes acclaimed titles such as Lakshya, Don, Zindagi Na Milegi Dobara, Fukrey, Dil Dhadakne Do and Gully Boy. The studio has also been a pioneer in India’s digital content space, producing Inside Edge, India’s first Amazon Prime Video original series, which was nominated for an International Emmy for Best Drama.
For the transaction, AZB & Partners acted as legal counsel to Universal Music Group, while Ernst & Young and KPMG served as transaction advisors to Excel Entertainment and Universal Music Group respectively. Morgan Stanley acted as financial advisor to Excel Entertainment, and Khaitan & Co served as legal counsel to Excel Entertainment.
