Universal Music India, part of Universal Music Group, agreed on 5 January to acquire a 30% stake in Excel Entertainment, the Mumbai studio behind Dil Chahta Hai, Don and Gully Boy, in a deal valuing the company at ₹2,400 crore.
Why Universal Music Group is buying Excel Entertainment
UMG said original soundtracks sit at the heart of India's fast-growing music market and that investing in a studio lets it contribute to films and their music from the start. India ranks as the world's 15th-largest recorded-music market by revenue, according to IFPI data cited by the company.
“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.”
Deal terms and financing
UMG becomes a significant minority shareholder and receives global distribution rights for all future original soundtracks on projects Excel owns or controls. Universal Music Publishing Group becomes Excel's exclusive publishing partner, and the parties agreed to set up an Excel music label distributed worldwide by UMG. Devraj Sanyal, chairman and chief executive of Universal Music India, joins Excel's board, while founders Ritesh Sidhwani and Farhan Akhtar keep creative control.
Regulatory approvals and timing
Excel launched the agreed label, Excel Music, on 3 August 2026, with UMG described in the announcement as a strategic shareholder and its marketing and distribution partner (Medianews4u).
Market context
Excel was founded in 1999 by Sidhwani and Akhtar and has released more than 40 films and original series, including Amazon Prime Video's first Indian original, Inside Edge. The deal follows other foreign and strategic investments in Bollywood production houses.
