Universal Music Group NV’s India unit has agreed to invest 7.2 billion rupees ($80 million) for a minority stake in India’s Excel Entertainment Pvt., a top Bollywood production company, to boost its presence in the South Asian country.

Universal Music India Pvt. will buy a 30% stake in the Mumbai-based movie house, valuing it at 24 billion rupees, the two said in a joint statement Monday. The deal will form a “strategic partnership” to accelerate Excel’s growth as well as further boost Universal Music’s position in the “important” India market, it said.