Mumbai: More than two decades after stepping away from acquiring Bollywood soundtracks to focus on what it described as “artist-led” music, Universal Music Group (UMG) has made a decisive return to India’s film music space by acquiring a 30 per cent stake in Excel Entertainment. The strategic investment marks a major shift in Universal’s India strategy and underscores the growing global value of Indian film and soundtrack-driven content.
Deal values Excel Entertainment at ₹2,400 crore
Under the terms of the agreement, Excel Entertainment has been valued at ₹2,400 crore, which translates to approximately $266 million. The partnership grants Universal Music global distribution rights for all future original soundtracks created for projects owned or controlled by Excel. These soundtracks will be released under a newly created sub-label, signalling a long-term commitment rather than a one-off licensing arrangement.
In addition, Universal Music Publishing Group (UMPG) will become Excel Entertainment’s exclusive music publishing partner. This component of the deal is expected to open up new creative and commercial opportunities, enabling Universal’s global roster of artists and compositions to be integrated into Excel’s films and series, while also allowing Excel’s music to reach wider international audiences.
Excel’s legacy in Bollywood and digital storytelling
Founded by filmmakers Farhan Akhtar and Ritesh Sidhwani, Excel Entertainment has been one of the most influential production houses in Hindi cinema over the past two decades. The banner made its mark with Dil Chahta Hai in 2001, a film widely credited with redefining contemporary Bollywood storytelling and music. It followed this up with critically and commercially successful projects such as Rock On!! (2008) and Gully Boy (2019), both of which were notable for their strong, narrative-driven soundtracks.
Beyond cinema, Excel has also built a formidable presence in the digital space with web series like Mirzapur, which emerged as one of India’s most-watched crime dramas. The studio’s consistent emphasis on music as a storytelling tool has made it a natural partner for a global music major seeking deeper roots in India’s entertainment ecosystem.
Board-level representation and strategic alignment
As part of the transaction, Devraj Sanyal, chairman and CEO of Universal Music India and South Asia, as well as senior vice-president of strategy for Africa, the Middle East and Asia, will join Excel Entertainment’s board of directors. His inclusion reflects Universal’s intent to play an active strategic role rather than remaining a passive financial investor.
Sanyal has been a key figure in shaping Universal’s India operations, particularly in navigating the rapid digitalisation of music consumption and the rise of streaming platforms. His board presence is expected to help align Excel’s creative ambitions with Universal’s global distribution, marketing and monetisation expertise.
A shared ambition for global audiences
Speaking about the partnership, Excel Entertainment CEO Vishal Ramchandani said the collaboration was driven by a common vision to scale Indian stories globally. “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,” he said.
Farhan Akhtar and Ritesh Sidhwani echoed this sentiment, stating that the alliance would help take culturally rooted Indian stories to the world. Their remarks underline a growing trend among Indian studios to think beyond domestic box office numbers and focus on international reach, particularly through music, streaming and cross-border collaborations.
Universal’s renewed focus on film soundtracks
The Excel deal marks a clear shift in Universal Music Group’s approach to the Indian market. For years, the company had largely stayed away from film music acquisitions, choosing instead to concentrate on independent artists and non-film repertoire. However, the company has recently begun reversing that strategy.
Universal re-entered the film music space by reissuing classic Indian soundtracks on vinyl, catering to collectors and audiophiles. It also launched a dedicated sub-label in partnership with Maddock Films, another prominent Bollywood production house. The investment in Excel represents the most significant step yet in this renewed focus.
Adam Granite, CEO of Universal Music Group for Africa, the Middle East and Asia, said soundtracks remain central to India’s music economy. “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,” Granite said during the announcement event.
Part of a broader industry trend
The Universal–Excel partnership follows a similar high-profile deal in the Indian entertainment industry. Recently, Saregama, one of India’s oldest music labels, acquired a stake in Bhansali Productions, the company owned by filmmaker Sanjay Leela Bhansali. These investments reflect a broader trend of music companies seeking equity partnerships with content creators to secure long-term access to premium music IP.
As streaming revenues grow and Indian content gains traction globally, ownership and control over soundtracks are increasingly seen as strategic assets rather than ancillary rights.
Conclusion
Universal Music Group’s acquisition of a 30 per cent stake in Excel Entertainment signals a strong vote of confidence in India’s film music-driven content ecosystem. By combining Excel’s storytelling and musical legacy with Universal’s global distribution and publishing muscle, the partnership aims to create content that resonates not just in India but across international markets. As competition intensifies and audiences become more global, such alliances are likely to shape the future of Indian entertainment.