Saregama & Bhansali Productions announce strategic partnership
Saregama India, one of India’s oldest music labels and a leading entertainment company, has announced a strategic partnership with Bhansali Productions Private Limited, a film production house founded by filmmaker Sanjay Leela Bhansali.
The partnership includes a significant equity investment by Saregama in Bhansali Productions.
The collaboration aims to combine Bhansali Productions’ reputation for distinctive cinematic storytelling with Saregama’s leadership in music and live events, creating a next-generation media and entertainment entity. Bhansali Productions, known for acclaimed films such as Hum Dil De Chuke Sanam, Devdas, Padmaavat, and the Netflix series Heeramandi, plans to expand its content slate across formats while retaining intellectual property rights for all future films.
As part of the agreement, Bhansali Productions will exclusively sell the music rights of all its upcoming films to Saregama under a pre-agreed formula. This arrangement ensures Saregama a steady pipeline of premium film music, reducing acquisition costs and eliminating competitive bidding.
Saregama will gradually phase out its in-house film production over the next 1–2 years, focusing on strategic partnerships. The investment is expected to be earnings accretive for Saregama by FY27, improving margins in both music and video segments.
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Bhansali Productions reported revenue of ₹304 crore, EBITDA of ₹60 crore, and PAT of ₹45 crore for FY25. Its upcoming projects include ‘Love and War’, starring Ranbir Kapoor, Alia Bhatt, and Vicky Kaushal, and ‘Do Deewane Shehar Mein’, featuring Siddhant Chaturvedi and Mrunal Thakur.
Avarna Jain, Vice Chairperson, Saregama India Ltd, 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 story telling that is both grounded in tradition and resonates with audiences across generations.”
Under the partnership, Bhansali Productions will retain creative control, while Saregama will provide governance oversight and financial discipline. Kotak Investment Banking acted as the exclusive financial advisor to Bhansali Productions for this transaction.
