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Producer Vashu Bhagnani Sells Pooja Entertainment Office To Pay Off Debts Worth Rs 250 Crore, Lays Off Employees: Report

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As per trade sources that are familiar with the matter, Vashu Bhagnani has sold the seven-floor office of Pooja Entertainment to a builder. While the identity of the buyer and the sale amount have not been revealed, it has been reported that the building will be demolished to make way for a luxurious residential project on site.

Vashu Bhagnani Sells Office

Vashu Bhagnani has reportedly terminated nearly 80 per cent of his employees and relocate the office to a two bedroom flat in Juhu, according to sources. The layoffs began in January 2024, triggered by shelving of Jagan Shakti’s film starring Tiger Shroff after a two-year struggle to start production. It further downsized in April, especially after the disappointing performance of Bade Miyan Chote Miyan at the box office. The film garnered only Rs 59.17 Crores against an investment of Rs 350 Crores, which resulted in significant losses estimated at Rs 125-150 crores for the production company.

In response to the financial pressures, Vashu Bhagnanil sold his office building to settle the debts with several financiers. The debt totalled to around Rs 250 Crores.

A source told Bollywood Hungama, “It all started with Bell Bottom, which was one of the first Hindi movie to be released in theatres post the COVID-19 pandemic in 2021. The film flopped badly at the box office and so did the next one, Mission Raniganj. The company faced another setback when the big-budget Ganapath failed to perform and was even rejected by Netflix despite an acquisition deal. Red flags had already begun to appear in the company’s financial sheet by this point, and the enormous investment in Bade Miyan Chote Miyan made matters worse. Even still, the firm held out hope that the action entertainer starring Akshay Kumar and Tiger Shroff would turn around its financial situation. However, the historic failure of this Ali Abbas Zafar directorial almost crippled the company. Vashu had no choice but to sell the building to pay off the enormous debt,”.

Despite facing several challenges, sources indicate that Pooja Entertainment is not closing down. Vashu Bhagnani, and his son Jackky Bhagnani are committed to revitalizing operations and have initiated talks with actors and directors for a new line-up of films. Contrary to rumours, they are moving forward with the Ashwatthama project starring Shahid Kapoor, which was announced recently.


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