Universal Music India has signed a definitive agreement to acquire a significant minority stake of 30 per cent in Excel Entertainment, valuing the Indian film and digital content studio at ₹2,400 crore (approximately €257 million). The move marks a major strategic partnership between one of the world’s largest music companies and a leading Indian content creator.
Global soundtrack rights and new music label
As part of the agreement, Universal Music Group (UMG) will secure global distribution rights for all future original soundtracks produced under Excel Entertainment’s projects. The partnership also includes the launch of a dedicated Excel music label, which will be distributed worldwide by UMG.
In addition, Universal Music Publishing Group (UMPG) will become Excel Entertainment’s exclusive music publishing partner, covering future compositions emerging from the studio’s films and digital series.
Board-level representation and creative continuity
Devraj Sanyal, chairman and CEO of Universal Music India & South Asia, will join the board of directors of Excel Entertainment following the transaction. Meanwhile, Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to oversee the studio’s creative direction and content strategy, maintaining leadership over its film and digital slate.
Strengthening UMG’s India presence
The investment further strengthens UMG’s footprint in India, which currently ranks as the world’s 15th-largest recorded music market. Original film and series soundtracks remain a core driver of music consumption in the country, reflecting the deep links between India’s audio-visual and music industries.
India’s rapidly expanding digital ecosystem also underpins the deal’s growth potential, with more than 375 million over-the-top (OTT) viewers and around 650 million smartphone users fueling demand for content and music across platforms.
Excel Entertainment’s track record
Founded in 1999 by Ritesh Sidhwani and Farhan Akhtar, Excel Entertainment has produced over 40 films and original series. Its portfolio includes critically and commercially successful titles such as Gully Boy, Inside Edge and Mirzapur. Over the years, the studio has received more than 60 industry awards and recognitions.
Advisors on the transaction
AZB & Partners acted as legal counsel to Universal Music Group on the deal. Excel Entertainment was advised by Morgan Stanley as financial advisor, along with Khaitan & Co as legal counsel.
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