Universal Music India (UMI) has announced a new agreement with Excel Entertainment, a leading Indian film and digital content studio.
The agreement values Excel at ?2,400 crores (~€257 million) and will see UMI become a significant minority shareholder in Excel with a 30% equity stake. The move will strengthen UMG’s presence in India, which India ranks as the world’s 15th-largest recorded music market by revenues, according to the most recent IFPI data.
Alongside its focus on movies and digital content, Excel has a strong track record in music, including musical dramas, which is a popular genre in the Indian market.
The new deal will mean UMG gains global distribution rights for all future original soundtracks created for projects owned or controlled by Excel. Meanwhile, a new dedicated Excel music label is set to launch, with global distribution by UMG. Universal Music Publishing Group will also become Excel’s exclusive music publishing partner.
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
Devraj Sanyal, UMI
Devraj Sanyal, chairman and CEO of Universal Music India & South Asia and SVP of strategy, Africa, Middle East and Asia, will serve on Excel Entertainment’s board of directors as part of the agreement. Excel founders Ritesh Sidhwani and Farhan Akhtar, who formed the business in 1999, will continue to “shape creative direction and content decisions”.
Sidhwani and 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.”
Vishal Ramchandani, CEO, Excel Entertainment, added: “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.”
We’re excited to partner with UMG in what we believe will be a truly creative and transformative alliance
Ritesh Sidhwani and Farhan Akhtar, Excel Entertainment
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.”
Devraj Sanyal commented: “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”.
FOLLOW 
