Universal-Excel Ent partnership shows global faith in India’s creative economy: Fadnavis

Mumbai, Jan 5 (PTI) Maharashtra Chief Minister Devendra Fadnavis on Monday said the strategic partnership between Universal Music Group and Excel Entertainment reflects growing global confidence in India's creative economy and Mumbai's emergence as a global media and entertainment hub.

Universal Music India has said that it will pick up a 30 per cent equity stake in film and digital content studio Excel Entertainment, valuing the Ritesh Sidhwani and Farhan Akhtar-founded firm at Rs 2,400 crore.

"This announcement is a statement of confidence in India, in Maharashtra and Mumbai, which we are building," Fadnavis said, while addressing the partnership announcement event in Mumbai.

He said the state government firmly believes its role is to enable creativity and provide an ecosystem where global and homegrown creative enterprises can thrive.

"A creative powerhouse like Mumbai is the rightful place for such an important agreement," he said.

Fadnavis credited Prime Minister Narendra Modi's leadership for setting the vision that led to the collaboration, noting that the foundation for the partnership was laid during the WAVES Summit held last year.

"Under PM Modi's guidance, this mission was set in motion, and the seeds of this transaction were first sown at the WAVES summit," he said.

Universal Music Group's decision to deepen its engagement in India through Mumbai-based Excel Entertainment shows that India's creative economy has come of age, the chief minister said.

"Mumbai is not just participating in the global media ecosystem, it is shaping it," he said.

Fadnavis said global companies look for five key factors while investing — talent, policy stability, respect for intellectual property, speed of execution and a complete ecosystem — and asserted that Mumbai and Maharashtra offer all five.

"Our progressive policies, strong infrastructure, ease of doing business, skill development initiatives and institutional support for intellectual property make Maharashtra a preferred destination," he said.

The government remains committed to ensuring that Mumbai not only competes globally but leads the creative industries, he said.

"Mumbai has always told India's stories; now it is ready to tell the world's stories," he said.

Veteran lyricist and screenwriter Javed Akhtar, Excel Entertainment founders Farhan Akhtar and Ritesh Sidhwani, EVP (Market Development) at Universal Music Group Adam Granite, UMG Chairman and CEO for India and South Asia Devraj Sanyal, and other dignitaries were present at the event. PTI MR ARU