Karan Johar says he’s terrible at negotiation but has no regrets selling 50% of Dharma Productions to Adar Poonawalla

Filmmaker Karan Johar has said he has no regrets about selling a 50% stake in his production house, Dharma Productions, to Adar Poonawalla for ₹1,000 crore, even as he admitted that his business skills are far from sharp. Founded by his late father Yash Johar, the banner has long been synonymous with Karan’s creative identity, but he explained that the decision to sell was strategic and essential for growth.

He said that he has always relied on Apoorva Mehta, CEO of Dharma Productions and his longtime friend, to handle the business side of operations while he focused on creativity. Johar revealed that Mehta, who left his business in London two decades ago to join him after his father’s death in 2004, has since been instrumental in building Dharma Productions, Dharmatic, Dharma 2.0 and DCA.

Reflecting on that period, he said that when his father passed away, he felt lost as he had no siblings or family members who could help him manage the company. He called on Mehta to move back to India, and together they built Dharma into what it is today.

Speaking about the 2023 deal with Poonawalla, Johar said he viewed it as a crucial growth move, noting that ₹50 crore could become ₹1,500 crore with the right investment. He explained that the partnership would allow Dharma to expand in new directions and take the company forward. He added that he has never been good at negotiation and tends to give up more than he should in business discussions.

Johar has often been candid about the economics of filmmaking and the challenges of scale in Bollywood. At the CNBC-TV18 Global Leadership Summit, he reflected that mid-budget films continue to deliver the best profit margins and creative control, saying they represent the “real bread and butter” of the film business. He explained that such projects can be self-funded and offer filmmakers the most meaningful financial returns.