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Saregama India Ltd announced on Tuesday that it has formed a strategic partnership with Sanjay Leela Bhansali's Bhansali Productions Pvt Ltd, supported by an equity investment from the music and entertainment company.
The collaboration combines Bhansali Productions' expertise in film and OTT content with Saregama's music and live events operations. The move reflects Saregama's shift towards partnerships rather than in-house film production.
Under the agreement, Bhansali Productions will sell the music rights of all its upcoming films exclusively to Saregama, following a pre-determined pricing formula. This arrangement is designed to ensure a consistent supply of high-quality film music while reducing competitive bidding and managing acquisition costs.
Bhansali Productions will retain full ownership of its intellectual property and continue exercising creative control. Saregama will provide governance oversight and promote financial discipline as part of the partnership framework.
The company intends to gradually reduce its in-house film production over the next one to two years and focus on strategic collaborations. The investment is expected to contribute positively to earnings per share by FY27 and strengthen margins in music and video segments.
Founded in 1996, Bhansali Productions is known for films such as Hum Dil De Chuke Sanam, Devdas, Bajirao Mastani, Padmaavat, and Gangubai Kathiawadi, along with the Netflix series Heeramandi. The studio aims to produce more than 10 feature films over the next three years. Its near-term projects include Love and War, starring Ranbir Kapoor, Alia Bhatt, and Vicky Kaushal, and Do Deewane Shehar Mein, featuring Siddhant Chaturvedi and Mrunal Thakur.
For FY25, Bhansali Productions reported revenue of INR 304 crore, EBITDA of INR 60 crore, and profit after tax of INR 45 crore. Kotak Investment Banking served as the exclusive financial advisor to Bhansali Productions.
Saregama India, part of the RP-Sanjiv Goenka Group, operates across music, digital content, television, artist management, and film production.
This article was originally published by the 
