Mumbai, Jan. 5 -- Universal Music India (UMI) has partnered with Farhan Akhtar and Ritesh Sidhwani's Excel Entertainment, acquiring a 30% stake in the production banner.

Under the agreement, which values Excel at Rs 2,400 crores, UMI will become a significant minority shareholder in Excel with a 30% equity stake. The deal will provide the foundation for a new strategic partnership between UMI and Excel to accelerate Excel's growth and further enhance UMI's position in the important Indian market, read a press note.

The partnership was announced on Monday morning at a press conference attended by Maharashtra Chief Minister Devendra Fadnavis.

Under the terms of the agreement, UMG will gain global distribution rights for all future origin...