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Universal Music India (UMI), a division of Universal Music Group (UMG), announced today that it has entered into a definitive agreement with Excel Entertainment, a leading Indian film and digital content studio. Under the agreement, which values Excel Entertainment at ₹2,400 crores ($265.89 million), UMI will become a significant minority shareholder in Excel with a 30% equity stake.
Details Of UMI’s Deal With Excel Entertainment
The deal will provide the foundation for a new strategic partnership between UMI and Excel, accelerating Excel’s growth and further enhancing UMI’s position in the Indian market. Excel has consistently broken new ground in storytelling and brought global standards to Indian cinema and original digital content. In addition to its focus on movies and digital content, the company, founded by Ritesh Sidhwani and Farhan Akhtar, has a strong track record in music and musical dramas.
With this agreement, UMG will gain global distribution rights for all future original soundtracks created for projects either owned or controlled by Excel. The alliance also includes the launch of a dedicated Excel music label, to be globally distributed by UMG. Universal Music Publishing Group will also become Excel’s exclusive music publishing partner, creating opportunities for existing UMG and UMI artists and repertoire to be included in Excel’s future productions.
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Implications Of The Deal
Devraj Sanyal, Chairman and CEO of Universal Music India & South Asia, will serve on Excel Entertainment’s Board of Directors as part of the agreement. Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to shape the creative direction and content decisions.
Addressing the deal, Ritesh Sidhwani and Farhan Akhtar said, “India’s entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations. 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.”
According to Vishal Ramchandani, CEO of Excel Entertainment, “This partnership with UMG marks a pivotal step in our journey to broaden creative opportunities and tell Indian stories with a global lens. With a shared vision for innovation and excellence, we aim to transform Excel into a creative global studio—one that brings clutter-breaking, original content to audiences across platforms and geographies.”
The combination of investment and strategic partnership presents a unique opportunity for UMG to strengthen its presence in a key market for the recorded music industry. India ranks as the world’s 15th-largest recorded music market by revenue, according to the most recent data from IFPI.
Adam Granite, UMG’s CEO of Africa, Middle East and Asia (AMEA), said: “Today’s announcement further strengthens UMG’s position in India, a dynamic and strategically important music market for the group globally. 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. 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.”
Meanwhile, Sanyal said about the deal, “Farhan and Ritesh have built an exceptionally impressive business, and we’re thrilled to be working with them on the next phase of their journey. The Indian film scene presents a hugely exciting opportunity for music and the music-led entertainment business, and Excel is the perfect partner for us to work with going forward.”
With more than 375 million viewers consuming movies, original shows, sports, reality TV, and documentaries, and with 650 million smartphone users in India, there is an opportunity to continue growing in this market in the years to come. Soundtracks are widely consumed, compared to other music formats, and significantly contribute to shaping cultural moments. By partnering with an experienced and successful film and digital content studio, UMG will be able to contribute to audio-visual projects and their associated original soundtracks.
Excel was founded in 1999 by Ritesh Sidhwani and Farhan Akhtar, who, between them, share 60 awards and accolades in the entertainment industry. The studio has released more than 40 films and original scripted series, including Dil Chahta Hai, Lakshya, Talaash, Don, Zindagi Na Milegi Dobara, Fukrey, Dil Dhadakne Do, and Gully Boy.
On the other hand, UMG is the world leader in music-based entertainment, with a broad array of businesses in recorded music, music publishing, merchandising and audiovisual content.
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