Creativity is an industry: Devendra Fadnavis hails UMG’s investment in Excel Entertainment

Foreign direct investment into Maharashtra’s media and entertainment sector received a decisive boost on January 5 in Mumbai, as Universal Music Group announced the acquisition of a 30% stake in Excel Entertainment, valuing the company at ₹2,400 crore (approximately €257 million), Chief Minister Devendra Fadnavis pointed out at the conference. The transaction, unveiled at a joint press conference with the Maharashtra government, will be counted under the state’s FDI inflows and marks one of the most significant global investments into India’s creative economy to date.

Maharashtra Chief Minister Devendra Fadnavis described the partnership as a clear signal of global confidence in Mumbai and the state’s creative ecosystem. “What we witnessed today is actually a statement of confidence, confidence in India, confidence in Maharashtra and very specifically in Mumbai,” he said. Calling the deal part of a larger structural shift, Fadnavis added, “A global leader in music and intellectual property choosing to deepen its engagement through a creator-led studio based in Mumbai sends a very powerful signal that India’s creative economy has come of age.” He underlined that Mumbai was no longer just participating in the global media ecosystem but shaping it, backed by talent, policy stability, respect for IP and speed of execution. “Creativity is an industry,” he said, noting that it generates jobs, exports culture and builds intellectual property with global influence.

From Universal Music Group’s global leadership, Adam Granite, CEO for Africa, Middle East and Asia, said the investment strengthened UMG’s position in what he called a “dynamic and strategically important” market. “India has all the elements of a vibrant music market with scale, diversity, digital connectivity and a government aligned with the creative community,” Granite said. Emphasising the rationale for partnering with Excel, he added, “Original soundtracks remain at the heart of India’s fast-growing music market. By investing in and partnering with Excel Entertainment, we are uniquely positioned to contribute from the earliest stage to their future endeavours and throughout the creative process.” He described the alliance as one rooted in creative synergy, aimed at taking locally rooted Indian stories to global audiences through film, music and emerging formats.

Granite also pointed to the transformation of the music business through streaming and subscriptions. “For the first time in history, creators can instantly connect with audiences globally and be compensated wherever that content is accessed,” he said, adding that such growth required a healthy ecosystem with strong protection of creator rights and intellectual property. He acknowledged the Maharashtra government’s support, saying, “This growth simply does not happen without guidance, encouragement and a policy environment that understands the value of culture.”

Providing strategic context from India, Devraj Sanyal, Chairman and CEO of Universal Music India and South Asia, said the transaction was the outcome of a long-term effort to build a music-led business without shortcuts. “Our ambition was simple but large, to build brick by brick, thoughtfully and sustainably,” Sanyal said. Reflecting on the company’s evolution, he noted, “When we began, film music dominated, while non-film listening was fragmented. That gap was our biggest opportunity.” He explained that Universal invested across languages and genres, artist by artist, before returning to films as the subscription economy took shape.

Sanyal stressed that Universal’s stake would not dilute Excel’s creative independence. “We have zero creative control, and I want to state that very clearly,” he said. “Farhan and Ritesh will continue to have 100% creative control over story, narrative and storytelling.” He described Universal as a “significant minority” partner whose role was to co-create music, enable new formats of storytelling and ensure that Indian soundtracks are produced and monetised transparently for global audiences. “Who are we to tell them what to do?” he added. “Our job is to make sure the music is better, different and global.”

From the creators’ side, Farhan Akhtar, co-founder of Excel Entertainment, said the partnership represented creative alignment rather than a transactional strategy. “Cinema is first and foremost an emotional experience,” Akhtar said. “Music has always been central to that mission as it announces a story’s arrival, integrates into it, and then lives on as how you remember that story.” He said working with Universal Music Group was about strengthening storytelling tools. “Indian stories do not need permission to exist globally,” he said. “They need to be truthful and the people making them need to be brave.” Calling the partnership a redefinition of the starting point, he added, “With this added strength, we can dream even bigger.”

Ritesh Sidhwani, co-founder of Excel Entertainment, described the deal as a milestone in a 25-year journey that began with Dil Chahta Hai. “When a story is deeply local, it becomes universal,” Sidhwani said. He noted that music runs deep within Indian culture, shaping how stories are told and emotions expressed. “With UMG’s global footprint and understanding of music, we now have the opportunity to take our culture, our music and our films to audiences around the world, and bring a global perspective back home,” he said, crediting Excel’s team and collaborators for building the studio steadily over the years.

Under the agreement, Universal Music Group gains global distribution rights for all future original soundtracks from projects owned or controlled by Excel, alongside the launch of a dedicated Excel music label to be globally distributed by UMG. Universal Music Publishing Group will become Excel’s exclusive publishing partner, while Devraj Sanyal will join Excel’s board. Founders Ritesh Sidhwani and Farhan Akhtar will continue to lead creative direction and content decisions.

The announcement was attended by senior government and industry stakeholders, including Kaustubh Dhavse, Chief Advisor to the Chief Minister (Investment, Information, and Technology) underscoring the state’s role in facilitating the transaction. As Maharashtra seeks to anchor more global capital in media and entertainment, the Universal Music Group–Excel Entertainment partnership stands as both a major FDI inflow and a statement of Mumbai’s growing influence in shaping the future of global storytelling.