Karan Johar’s Dharma Productions sold 50 per cent stake in the company to billionaire Adar Poonawalla last year in a Rs 1000 crore deal. The rest of the 50 per cent belongs to Karan, who is the executive chairman and CEO Apoorva Mehta. Karan recently opened up about the decision and said that he is more accountable now with the new business partner on-board.
During a conversation with Komal Nahta on his YouTube channel, Game Changers, Karan said, “I was very clear that I am okay to sell 50 per cent of my company or to sell equity, only because I want to expand. I want to leave many legacies behind, within the company. Me and Apoorva, who work like brothers, had decided that we would do this but we needed the right partner.”
Karan said that he and Apoorva still have creative control over the company. “There are cheques and balances because when there’s a partner, you become more accountable. We got an investment for expansion and I was able to immediately open a distribution arm and talks are going on to do something big with the music arm. Adar is wonderful, compassionate and has a sharp mind in business. He is somebody we turn to, when we want to do bigger deals. Apoorva and I lean on him for advice,” Karan said.
He added, “Every deal has its own advantages and responsibilities. There was never accountability before this. I just learned the term 'quarter'. Apoorva keeps me on my toes. He says, ‘Not profitable, don’t do it’, because I had already taken many decisions creatively. I wanted to make certain films for creative satisfaction and to move the bar of cinema. There are many films that weren’t box office hits but are still remembered for what they were. I want to make those films as well.”
Karan said that decisions are taken now with profitability in mind. “It is very important to be profitable; we are a commercial enterprise. I made Homebound which was worldwide critically acclaimed, but I can’t say if I’ll take such decisions in the future or not. I will feel upset, but I chose this deal for a reason – growth. Growth comes from profit, and profit comes from profitability. I will always be artistic, but it is important to be commercial as well.”
Karan’s latest production, Sunny Sanskari Ki Tulsi Kumar was released in theatres on October 2 and has since then managed to do a lukewarm business of Rs 30 crore in four days.
