Saregama to invest ₹325 crore in Sanjay Leela Bhansali-owned production house in strategic partnership
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Saregama India Ltd, India’s oldest music label and a leading entertainment company, and Sanjay Leela Bhansali-promoted Bhansali Productions Private Ltd (BPPL), one of India’s most respected and financially robust film production houses, today announced a strategic partnership. Saregama, an RPSG Group company, will invest ₹325 crore in BPPL through compulsory convertible preference shares (CCPS).
This strategic equity investment, approved by the Saregama board at a meeting held today, further reinforces the company’s leadership in the music licensing business, while also expanding its presence in the video business.
As part of the partnership, Bhansali Productions will exclusively sell all its future film music to Saregama based on a pre-agreed formula. This structure guarantees Saregama a steady pipeline of premium, marquee film music, eliminates competitive bidding, and helps secure long-term market share in new music while controlling acquisition costs.
“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,” said Avarna Jain, Vice Chairperson, Saregama India Ltd.
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 storytelling that is both grounded in tradition and resonates with audiences across generations.”
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With this fund infusion, Bhansali Productions will significantly augment its content slate across formats, build a world-class studio, and retain the intellectual property of all its films going forward.
Aligned with its evolving content strategy, Saregama will gradually streamline its in-house film production activities over the next 1–2 years, focusing instead on such strategic partnerships.
The investment is expected to be earnings accretive for Saregama by FY27, improving margins across both its music and video segments.
With a robust pipeline of over 10 feature films planned over the next three years, the studio continues to scale its output while preserving its auteur-driven ethos. Bhansali Productions’ immediate slate includes Love and War, directed by Sanjay Leela Bhansali and starring Ranbir Kapoor, Alia Bhatt and Vicky Kaushal; and Do Deewane Shehar Mein, a romantic drama directed by Ravi Udyawar and starring Siddhant Chaturvedi and Mrunal Thakur.
Some of Indian cinema’s most iconic and culturally resonant works from BPPL include Hum Dil De Chuke Sanam, Devdas, Goliyon Ki Raasleela Ram-Leela, Bajirao Mastani, Padmaavat, Gangubai Kathiawadi, Rowdy Rathore, and the Netflix global hit series Heeramandi.
For FY25, Bhansali Productions reported revenue of ₹304 crore, EBITDA of ₹60 crore, and profit after tax (PAT) of ₹45 crore, reflecting strong profitability, disciplined execution, and balance-sheet strength.
This partnership brings together BPPL’s world-class cinematic storytelling and Saregama’s leadership in music and live events, thereby building a next-generation media and entertainment house.