Universal Music India (UMI) is set to take a minority stake in Excel Entertainment, the Bollywood movie and digital studio behind films such as Dil Chahta Hai and Don.
The definitive agreement hands Universal Music Group (UMG)-owned UMI a 30% shareholding in Mumbai-based Excel, valuing the company at ₹2,400 crores ($300M). Though the value of the transaction was not officially disclosed, its stake is worth $90M at current currency conversion rates.
UMI will gain global distribution for all future soundtracks from Excel-owned or -controlled projects, and will see the launch of a dedicated Excel music label, which UMG will distribute globally. Universal Music Publishing Group will also become exclusive music publishing partner to Excel.
Devraj Sanyal, Chairman and CEO of Universal Music India & South Asia and SVP of Strategy, Africa, Middle East and Asia – will join Excel’s board, with Excel founders Ritesh Sidhwani and Farhan Akhtar remaining in control of creative direction and content.
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Founded in 1999, Excel has made more than 40 films and scripted TV shows. It is known for a string of Indian box office hits such as Dil Chahta Hai, Don, Zindagi Na Milegi Dobara and Talaash. It also makes more avant-garde features such as Gully Boy, India’s first hip-hop film and the country’s Oscars entry in 2019, and TV shows such as the 2019 International Emmy-nominated drama Inside Edge, India’s first original series on Prime Video.
More recently, its drama series Dahaad took a nomination at the Berlinale, and last year’s Superboys of Malegaon, co-produced with Tiger Baby, premiered in Toronto. Streaming series have included Prime Video’s Mirzapur and Netflix’s Dabba Cartel.
The deal is the first major Indian industry talking point of 2026, and comes as the country’s streaming market continues apace.
“India’s entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations,” said Sidhwani and Akhtar in a 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. Together, we aim to take culturally rooted stories to the world.”
Excel CEO Vishal Ramchandani added the deal marked “a pivotal step in our journey to broaden creative opportunities and tell Indian stories with a global lens.”
Adam Granite, UMG’s CEO of Africa, Middle East and Asia, explained the rationale behind the investment. “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,” he said. “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.”
AZB & Partners acted as legal counsel to UMG, while Ernst & Young and KPMG served as transaction advisors to Excel and UMG, respectively. Morgan Stanley acted as financial advisors to Excel, with Khaitan & Co serving as legal counsel.