Saregama India, part of the RPSG Group and a music label and an entertainment company, is set to invest ₹325 crore in Bhansali Productions, a Sanjay Leela Bhansali-promoted film production house.
As part of the first tranche, Saregama will invest Rs 325 crore to subscribe to 9,960 CCPS of Bhansali Productions. These shares will convert into equity at a later date based on a pre-agreed formula.
Following the conversion, Saregama expects to hold between 28% and 49.9% of Bhansali Productions on a fully diluted basis by 2028. The agreement also gives Saregama the option to increase its stake to 51% by 2030, subject to further investment that would be determined on the basis of the mechanism set out in the Transaction Agreements.
As part of the partnership, Bhansali Productions will exclusively sell all its future film music to Saregama, based on a pre-agreed formula.
Under the partnership framework, Bhansali Productions will retain complete creative control, while Saregama will provide governance oversight and financial discipline, creating a structure that aligns artistic excellence with long-term institutional growth.
Aligned with its evolving content strategy, Saregama will gradually streamline its in-house film production activities over the next 1–2 years, focusing instead on such strategic partnerships.
With this fund infusion, Bhansali Productions will significantly augment its content slate across formats, building a world-class studio while retaining the IP of all its films going forward.
Founded in 1996 by Sanjay Leela Bhansali, Bhansali Productions is globally recognised for its distinctive cinematic language, uncompromising artistic standards, and enduring commercial success. The studio has delivered some of Indian cinema’s most iconic and culturally resonant works, including Hum Dil De Chuke Sanam, Devdas, Goliyon Ki Raasleela Ram-leela, Bajirao Mastani, Padmaavat, Gangubai Kathiawadi, Rowdy Rathore, and the Netflix global hit series Heeramandi.
With a robust pipeline of over 10 feature films planned over the next three years, the studio continues to scale its output while preserving its auteur-driven ethos.
Bhansali Productions’ immediate slate includes: Love and War, directed by Sanjay Leela Bhansali, starring Ranbir Kapoor, Alia Bhatt and Vicky Kaushal; and Do Deewane Shehar Mein, a romantic drama directed by Ravi Udyawar, starring Siddhant Chaturvedi and Mrunal Thakur.
For FY25, Bhansali Productions reported Revenue of ₹304 crore, EBITDA of ₹60 crore, and PAT of ₹45 crore, reflecting strong profitability, disciplined execution, and balance-sheet strength.
Avarna Jain, Vice Chairperson, Saregama India, said, “This partnership underscores Saregama’s strategy of aligning with India’s finest creative minds while delivering long-term value to shareholders. Bhansali Productions’ excellence in storytelling and content creation perfectly complements our leadership in music and entertainment.”
Sanjay Leela Bhansali, Founder, Bhansali Productions, said, “For me, powerful and meaningful cinema requires time, trust, and a deep respect for the process. In Saregama, we have found a partner that understands this philosophy. We share a deep respect for art, music, and storytelling that is both grounded in tradition and resonates with audiences across generations.”
