Mumbai/IBNS: Billionaire Adar Poonwalla has acquired a 50 percent stake in filmmaker Karan Johar's Dharma Productions, media reports said.

Poonawalla's Serene Entertainment has bought the stake at Rs. 1,000 crore.

Poonwalla said as quoted by Hindustan Times, "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.

"We hope to build and grow Dharma and scale even greater heights in the years to come."

Karan Johar, who is the Dharma Productions' executive chairman, said, " From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of creating films that would leave a lasting impact, and I've dedicated my career to expanding that vision.

"Today, as we join forces with Adar, a close friend and an exceptional visionary and innovator, we're poised to elevate Dharma's legacy to new heights. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies."

Earlier it was reported that Reliance and Saregama were the frontrunners to acquire the 50 percent stake in Dharma Productions.