India pharma tycoon buys $119m stake in Bollywood film house

Mumbai: Indian pharmaceutical tycoon Adar Poonawalla has invested $119 million into one of Bollywood s biggest production companies, a boost to a film...

Mumbai: Indian pharmaceutical tycoon Adar Poonawalla has invested $119 million into one of Bollywood's biggest production companies, a boost to a film industry that has suffered from waning audience interest.

The deal gives Poonawalla's Serene Production a 50-percent stake in Dharma Productions, the producer and distributor of some of India's biggest movie blockbusters.

Prolific filmmaker and talk show host Karan Johar, whose father founded the production company in the 1970s, will retain the remaining share and serve as executive chairman.

"I am delighted to have the opportunity to partner with one of the most iconic production houses in our nation," Poonawalla said in a press release on Monday.

"We hope to build and grow Dharma and scale even greater heights in the years to come."