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India's top vaccine maker has bought a 50% stake in a major Bollywood production company known for making popular films.

Adar Poonawalla’s Serene Production will invest 10bn rupees ($119m; £91.3m) in Karan Johar's Dharma Productions and Dharmatic Entertainment, his company said.

Poonawalla also heads the Serum Institute of India (SII), the world's largest vaccine maker by number of doses, which produced millions of Covid-19 shots for India and many other countries during the pandemic.

Poonawalla’s investment in the entertainment company is a significant move at a time when Bollywood is struggling to overcome lean times since the Covid-19 pandemic shut cinemas.

The industry is also facing competition from dozens of local and global streaming platforms in India.

"I am delighted to have the opportunity to partner with one of the most iconic production houses in our nation, along with my friend Karan Johar," Poonawalla said in a press release. “We hope to build and grow Dharma and scale even greater heights in the years to come.”

Johar is one of India’s top producers and directors who is also known for his popular TV shows. His four-decades-old production house has produced iconic movies such as Kuch Kuch Hota Hai and Kabhi Khushi Kabhi Gham, featuring top star Shah Rukh Khan.

But in recent years, many of the films made by the production house have failed to generate enthusiasm at the box office.

Earlier had said that Johar was in talks with India’s top conglomerates Reliance and RPSG, which owns music label Saregama, to invest in his firm.

Commenting on the partnership in which he will retain a 50% stake, Johar said, “This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies.”

“This collaboration opens up a world of possibilities for creating content that will resonate across borders and generations,” he said.