Farhan Akhtar and Ritesh Sidhwani-owned Excel Entertainment has entered into a landmark strategic partnership with Universal Music Group (UMG), taking the company’s valuation beyond ₹2,400 crore. The historic minority-stake deal was officially announced at a high-profile press conference in Mumbai, held in the presence of Maharashtra Chief Minister Devendra Fadnavis.
Under the agreement, Universal Music India (UMI) will acquire a significant 30 percent equity stake in Excel Entertainment, making it the largest minority investment ever made in an Indian production house. As a result, the partnership is set to accelerate Excel Entertainment’s growth across films, digital content, and music-driven intellectual property, while simultaneously strengthening Universal Music India’s domestic operations in a high-growth and strategically important market.
Reacting to the announcement, Chief Minister Devendra Fadnavis took to X (formerly Twitter) and described the deal as a major vote of confidence in Mumbai, Maharashtra, and India.
“Witnessed a landmark strategic partnership deal announcement between Universal Music Group and Excel Entertainment in Mumbai today. This ₹2,400 crore announcement is a statement of confidence in India, in Maharashtra, and in Mumbai, which we are building,” CM Fadnavis said.
He further emphasized the government’s role in enabling creativity, stating that Mumbai, as India’s creative capital, is the rightful place for such global agreements. “This Government has always believed that its role is to enable creativity, and a creative powerhouse like Mumbai is the rightful place for such an important agreement,” he noted.
The Chief Minister also credited Prime Minister Narendra Modi’s vision for laying the foundation of this collaboration. According to Fadnavis, the seeds of the transaction were first sown at last year’s WAVES Summit. “Guided by the leadership of Hon. PM Narendra Modi Ji, who set this mission in motion through last year’s WAVES Summit, is where the seeds of this transaction were first sown. Thank you, Hon. Modi Ji, for your timeless vision in leading this creative revolution,” he said.
Importantly, CM Fadnavis highlighted the broader significance of Universal Music Group deepening its engagement in India through a homegrown, creator-led studio like Excel Entertainment. “It sends a powerful signal. It says India’s creative economy has come of age and that Mumbai is not just participating in the global media ecosystem, it is shaping it,” he said, adding that the Maharashtra government is determined to ensure Mumbai does not just compete globally, but leads.
According to the official press release, the deal will provide the foundation for a long-term strategic partnership. “The deal will provide the foundation for a new strategic partnership between UMI and Excel to accelerate Excel’s growth and further enhance UMI’s position in the important Indian market,” the statement said.
CM Fadnavis also outlined why Maharashtra continues to attract global investments, citing talent availability, policy stability, respect for intellectual property, speed of execution, and a complete creative ecosystem. He pointed out that these strengths are backed by progressive state policies, robust infrastructure, ease of doing business, skill development initiatives, and strong institutional support for intellectual property.
Congratulating all stakeholders, the Chief Minister said the moment belongs to Mumbai’s creative community. “This government’s mission is to ensure that your hard work meets world-class opportunity. Mumbai has always told India’s stories; now it is ready to tell the world’s stories. Apna time aa gaya hai!”
Devraj Sanyal – Chairman and CEO of Universal Music India & South Asia and SVP of Strategy, Africa, Middle East and Asia – will serve on Excel Entertainment’s Board of Directors as part of the agreement. Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to shape creative direction and content decisions.
Ritesh Sidhwani and Farhan Akhtar, Founders of Excel Entertainment 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, UMG’s CEO of Africa, Middle East and Asia(AMEA), said, “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 beuniquely 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 announcement was attended by several prominent dignitaries, including veteran lyricist, poet, and screenwriter Javed Akhtar; actor and Excel Entertainment founder Farhan Akhtar; co-founder and producer Ritesh Sidhwani; EVP, Market Development at Universal Music Group, Adam Granite; Chairman and CEO of Universal Music Group India & South Asia, Devraj Sanyal; and other industry leaders.
Overall, the Excel–Universal partnership marks a major milestone in the convergence of film, music, and global intellectual property, firmly positioning Mumbai at the center of the world’s creative future.
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 advisors to Excel Entertainment. Khaitan & Co serving as legal counsel to Excel Entertainment.
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