Maharashtra CM Fadnavis credits PM Modi for a landmark collaboration in the creative world

Mumbai, Jan 5 In a landmark move for the entertainment industry, Universal Music India (UMI) has acquired a 30 per cent equity stake in film and digital content studio Excel Entertainment, valuing Ritesh Sidhwani and Farhan Akhtar's company at Rs 2,400 crore.

The announcement was made during an event in Mumbai on Monday, in which Maharashtra Chief Minister Devendra Fadnavis was also present.

Elated about the announcement, the Chief Minister credited Prime Minister Narendra Modi for sowing the seed for the transaction during the WAVES Summit 2025.

The CM penned a congratulatory tweet that read, "This Government has always believed that its role is to enable creativity, and a creative powerhouse like Mumbai is the rightful place for such an important agreement. Guided by the leadership of Hon PM Narendra Modi Ji, who set this mission in motion through last year’s WAVES summit, is where the seeds of this transaction were first sown. Thank you, Hon. Modi Ji, for your timeless vision in leading this creative revolution. (sic)"

Reflecting on how the move will help strengthen India's foothold in the global market, making Mumbai a major player in the media ecosystem, he added, "Universal Music Group, a global leader in music and intellectual property, choosing to deepen its engagement in India through Excel Entertainment, a creator-led, homegrown studio based in Mumbai, sends a powerful signal. It says India’s creative economy has come of age and that Mumbai is not just participating in the global media ecosystem, it is shaping it."

The Chief Minister stated that their government is determined to ensure that Mumbai doesn’t just compete, it leads.

Talking about what makes Maharashtra a perfect pick for global investors, the CM pointed out, "Global companies look for five things while choosing to invest: talent, policy stability, respect for Intellectual Property, speed of execution, and a complete ecosystem. Mumbai and Maharashtra offer all five, supported by the Government of Maharashtra's progressive policies, strong infrastructure, ease of doing business, skill development, and institutional support for intellectual property."

"This government’s mission is to ensure that your hard work meets world-class opportunity. Mumbai has always told India’s stories; now it is ready to tell the world’s stories," CM Fadnavis shared.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor