Vashu Bhagnani sold office in Mumbai to pay off INR 250 crore debt

This is why Vashu Bhagnani's decided to sell off the production office

Vashu Bhagnani sold office in Mumbai to pay off INR 250 crore debt

When producer Vashu Bhagnani decided to make Bade Miyan Chote Miyan starring Akshay Kumar and Tiger Shroff, he had high hopes for the film. Directed by Ali Abbas Zafar, this movie was made with a budget of INR 350 crores. The film was much talked about before its release, but the film failed miserably at the box office. Due to the flop of the movie, Bhagnani's Pooja Entertainment Production House has suffered a huge financial loss.

It has come to light that Vashu Bhagnani has sold his office in Mumbai to pay the debt of INR 250 crore due to the loss caused by this film. Due to financial loss, they have reduced the staff by the production house. They have laid off almost 80 percent of the people. According to a report in Bollywood Hungama, after selling the big office, the office has now been set up in a two-bedroom flat in Mumbai. However, the production house has not yet given any reaction about it.

Also Read: Bollywood Continues To Struggle At Box Office With Big-Budget Flops & Content Issues

It all started in 2021 with 'Bell Bottom', one of the first Hindi films to hit theatres after the Corona pandemic. This movie was a flop at the box office. After that, 'Mission Raniganj' too flopped. After that, Tiger Shroff's big budget 'Ganpat' also turned out to be a flop. Not only this, even after the deal, Netflix refused to release the film, adding to the debt. Then the production house invested in 'Bade Miyan Chote Miyan', which Bhagnani hoped would improve the situation if the film became a hit. But the film flopped and his debt piled up. Now Vashu had no option but to sell the office to pay off this debt, reports Bollywood Hungama quoting sources.

Pooja Entertainment was established in 1986. This production house has produced around 40 films till date. The company produced David Dhawan-directed films like Coolie No. 1, Hero No. 1, Wifey No. 1 and Bade Miyan Chote Miyan, Rehna Hai Tere Dil Mein and Om Jai Jagadish. But with some recent flops, the company is in debt.

The production house faced further difficulties after 'Bade Miyan Chote Miyan' flopped at the box office, earning only INR 59.17 crore despite an investment of INR 350 crore. Meanwhile, a few days ago, Pooja Entertainment was accused of not paying employees on time.

Read this story in हिंदी
MumbaiLive would like to send you latest news updates