Adar Poonawalla, CEO of vaccine maker Serum Institute of India, will buy a 50% stake in filmmaker Karan Johar's Dharma Productions for 10 billion rupees ($119 million), the Bollywood studio said on Monday.

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 for,

Serum Institute of India CEO Adar Poonawalla has bought 50 per cent stake in filmmaker Karan Johar’s entertainment company Dharma Productions.

Adar Poonawalla-led Serene Productions will buy a 50% stake in filmmaker Karan Johar's Dharma Productions for 10 billion rupees ($119 million), the latter said on Monday. ($1 = 84.0640 Indian rupees) (Reporting by Hritam Mukherjee in Bengaluru;