Premium

The painting will adorn either my Mumbai or Pune residence: Dr Cyrus Poonawalla

Pune-based billionaire acquires Ravi Varma painting for a record Rs 167.2 crore

Written by: Sunanda Mehta, Vandana Kalra

5 min readPuneApr 2, 2026 09:52 PM IST

Poonawalla (85), who is a well-known art connoisseur and collector, added that the buy was not just an investment but the product of his love for art

Dr Cyrus Poonawalla (85), who is a well-known art connoisseur and collector, added that the buy was not just an investment but the product of his love for art. (Special Arrangement)

8.15 pm on Wednesday night was a special moment, not just for Dr Cyrus Poonawalla, chairman and managing director of Serum Institute of India (SII), but for the world of art when the hammer finally went down at the Saffronart auction and the billionaire industrialist acquired Raja Ravi Varma’s Yashoda and Krishna for a staggering Rs 167.2 crore. The bid set a new record for the highest price ever paid for an Indian painting.

“I was really happy to get it and was fortunate to out-bid Kiran Nadar, who like me is an ardent art collector and habitual bidder of rare works,” said Dr Poonawalla, speaking to The Indian Express from his Pune residence on Thursday, from where he made the bid on the night of April1.

The sale that took place in Mumbai on April 1 saw an intense bidding of seven minutes for the work that came from a private collection in Delhi and had a pre-sale estimate of Rs 80-120 crore (USD 8.6-12.9 million).

On being asked what made him pursue this work, he said, “I have a collector friend called Dara Mehta who advised me to reach out for this iconic painting, which he said was very rare and a museum piece worthy of my art collection. He also said that it was very high-budget and only a few billionaires like me could afford it, so I decided to bid for it.”

Poonawalla (85), who is a well-known art connoisseur and collector, added that the buy was not just an investment but the product of his love for art. “I love Ravi Varma paintings and have a beautiful earlier work too and this one is a prized addition to the collection,” he added.

Poonawalla said that he is yet undecided where he plans to display the celebrated canvas. “But it will adorn either my Mumbai residence or the Pune one,” he said. In an earlier statement to the media Dr Poonawalla had said, “This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward.”

Painted in the 1890s by Varma at the peak of his career as an artist, the oil on canvas Yashoda and Krishna depicts Yashoda milking a cow with the young Krishna trying to claim her attention with a goblet in hand. Known for his portrayal of subjects from Indian mythology Varma, who had established his lithography press at Karjat near Pune in 1896, has used the contrasting light and shadow technique for this masterpiece.

Story continues below this ad

Dr Poonawalla, who is counted as amongst the richest businessmen globally, founded SII in Pune in 1966. Today it’s the world’s largest manufacturer of vaccines. Poonawalla was awarded the Padma Bhushan in 2022 for his contribution to the field of medicine and Padma Shri in 2025 for his work in producing the vaccines during Covid-19.

His son Adar Poonawalla, CEO of the serum Institute with stakes in Karan Johar’s Dharma Productions, is an equally avid collector of art and has been quoted in international art magazines as saying that he has the “best European art collection in India.” The collection reportedly includes Renoir, Picasso and Monet as also Van Gogh’s Watermill at Opwetten that is displayed in his palatial Pune mansion. The Poonawallas are known as much for their luxurious lifestyles comprising expensive homes, a fleet of cars and a state-of-the-art stud farm as they are for their philanthropic work.

Commenting on the sale, Minal Vazirani, President and Co-founder, Saffronart, noted, “Great art has a way of reaffirming its timeless value. The record-breaking sale of Raja Ravi Varma’s work not only underscores the strength of the art market, but also sets a new benchmark as the highest-value work of Indian art ever sold. At Saffronart, we are proud to have facilitated this landmark moment. It is not just a milestone for the market, but a powerful reminder of the enduring cultural and emotional resonance of Indian art.”

Previously the record for the most expensive work of Indian art sold at an auction was held by MF Husain’s 1954 Untitled (Gram Yatra) that fetched Rs 118 crore at a Christie’s auction in March 2025.

Story continues below this ad

Ashish Anand, CEO and Managing Director of DAG, noted, “This is a defining moment for the Indian art market. At Rs 167.2 crore, Raja Ravi Varma’s Yashoda and Krishna—a universal subject reminiscent as much of Madonna and Christ, or of any mother and child, and arguably the most iconic and desirable work, the Mona Lisa of Indian art—has not only achieved a new world record, it has done so with conviction, more than doubling its lower estimate of Rs 80 crore, exceeding it by Rs 87.2 crore—an increase of over 100 per cent.”

Sunanda Mehta

Sunanda Mehta is the Resident Editor of The Indian Express in Pune. She is a distinguished journalist, columnist, and author with over three decades of experience in the media industry. Educational background: A merit-lister in her 12 th in CBSE (5th rank in Humanities) Sunanda stood first in History in the Board for which she was awarded the Dr Tarachand Gold Medal. She is a triple-graduate with a Bachelor of Arts (History Honours) from Lady Shri Ram College, New Delhi, Bachelor of Education, Delhi University (on scholarship) and Bachelor of Communication and Journalism, University of Pune. Professional Background Role: As Resident Editor, she oversees the Pune edition of The Indian Express, managing local news coverage, investigative features, and editorial direction for the city. Author: She is an accomplished author, known for her biographies. Her notable books include: The Extraordinary Life and Death of Sunanda Pushkar published by Pan Macmillan (2019). The book was long-listed for the Atta Galatta award for nonfiction and Auther award for best debut author. Majestic Musings - Translation of poems from 100 year old Badshaian from Punjabi to English (2023) Behind the Big Screen- the untold stories of child actors published by Bloomsbury India (2024) Focus Areas: While Sunanda has reported on various subjects from civic to political to investigative and crime, her forte remains long-form human-interest stories, heritage and gender issues. Core Column: "Against All Odds" Sunanda curates and writes a signature series titled "Against All Odds," which profiles individuals who have overcome significant personal, medical, or professional challenges. Recent notable articles (2025) The Story of Dr. Harinder Dhaliwal (July 2025): A Pune AFMC topper who became a neurologist in Canada despite becoming paraplegic. Jayoo Patwardhan’s Cancer Journey (Jan 2025): How the National Film Award-winning designer defeated cancer. Partha Iyengar’s Emergency mid-air (Aug 2025): The story of how Gartner’s India head survived a massive heart attack during a long-haul flight. Recent Notable Articles (Late 2025) Her recent reportage continues to explore deep personal narratives and Pune’s socio-environmental landscape: 1. Personal Narratives & Closure "'I grieved for him 10 years after his murder, found closure to unsolved case'" (Dec 14, 2025): A poignant feature on Vineet Alurkar, son of the late Pune music legend Suresh Alurkar, and how digitizing his father’s collection helped him heal. "A 40-day journey home: how Christopher Benninger's partner gave him the gift of memories" (Nov 23, 2025): A moving tribute to the late acclaimed architect Christopher Benninger and his final trip to the US. "'After 38 years I finally met my biological mother'" (Sept 28, 2025): Chronicling the journey of an adopted daughter from Zurich searching for her roots in Pune. 2. Civic & Heritage "'Vetal Tekdi belongs to common citizens'" (Oct 20, 2025): An interview with environmental activist Dr. Sushma Date on the community-led protection of Pune’s vital green lungs. "'Military village' Apshinge recalls living through war days" (Aug 12, 2025): A report from a village in Maharashtra where nearly every household has a member in the armed forces, focusing on their legacy and current anxieties. 3. High-Profile Commentary & Investigations "Malegaon blast acquittals: 'I was expecting this verdict'" (July 31, 2025): An interview with former special public prosecutor Rohini Salian following the controversial acquittals. "Grounded, license cancelled... she decided to soar higher" (March 30, 2025): The story of Dr. Harpreet A De Singh, Air India’s first woman pilot from 1988, and her transition to leadership and meditation. Signature Style Sunanda Mehta is known for her empathetic storytelling. Unlike standard news reporting, her features often read like narrative non-fiction, focusing on the psychological and emotional resilience of her subjects. One of her articles in The Indian Express titled 'The Quality of Mercy' was converted into a film Rubaru Roshini produced by actor Aamir Khan. She is a strong advocate for Pune's heritage and environment, frequently using her platform to amplify citizen-led movements. X (Twitter): @sunandamehta and @ExpressPune ... Read More

Vandana Kalra

Vandana Kalra is an art critic and Deputy Associate Editor with The Indian Express. She has spent more than two decades chronicling arts, culture and everyday life, with modern and contemporary art at the heart of her practice. With a sustained engagement in the arts and a deep understanding of India’s cultural ecosystem, she is regarded as a distinctive and authoritative voice in contemporary art journalism in India. Vandana Kalra's career has unfolded in step with the shifting contours of India’s cultural landscape, from the rise of the Indian art market to the growing prominence of global biennales and fairs. Closely tracking its ebbs and surges, she reports from studios, galleries, museums and exhibition spaces and has covered major Indian and international art fairs, museum exhibitions and biennales, including the Venice Biennale, Kochi-Muziris Biennale, Documenta, Islamic Arts Biennale. She has also been invited to cover landmark moments in modern Indian art, including SH Raza’s exhibition at the Centre Pompidou in Paris and the opening of the MF Husain Museum in Doha, reflecting her long engagement with the legacies of India’s modern masters. Alongside her writing, she applies a keen editorial sensibility, shaping and editing art and cultural coverage into informed, cohesive narratives. Through incisive features, interviews and critical reviews, she brings clarity to complex artistic conversations, foregrounding questions of process, patronage, craft, identity and cultural memory. The Global Art Circuit: She provides extensive coverage of major events like the Kochi-Muziris Biennale, Serendipity Arts Festival, and high-profile international auctions. Artist Spotlights: She writes in-depth features on modern masters (like M.F. Husain) and contemporary performance artists (like Marina Abramović). Art and Labor: A recurring theme in her writing is how art reflects the lives of the marginalized, including migrants, farmers, and labourers. Recent Notable Articles (Late 2025) Her recent portfolio is dominated by the coverage of the 2025 art season in India: 1. Kochi-Muziris Biennale & Serendipity Arts Festival "At Serendipity Arts Festival, a 'Shark Tank' of sorts for art and crafts startups" (Dec 20, 2025): On how a new incubator is helping artisans pitch products to investors. "Artist Birender Yadav's work gives voice to the migrant self" (Dec 17, 2025): A profile of an artist whose decade-long practice focuses on brick kiln workers. "At Kochi-Muziris Biennale, a farmer’s son from Patiala uses his art to draw attention to Delhi’s polluted air" (Dec 16, 2025). "Kochi Biennale showstopper Marina Abramović, a pioneer in performance art" (Dec 7, 2025): An interview with the world-renowned artist on the power of reinvention. 2. M.F. Husain & Modernism "Inside the new MF Husain Museum in Qatar" (Nov 29, 2025): A three-part series on the opening of Lawh Wa Qalam in Doha, exploring how a 2008 sketch became the architectural core of the museum. "Doha opens Lawh Wa Qalam: Celebrating the modernist's global legacy" (Nov 29, 2025). 3. Art Market & Records "Frida Kahlo sets record for the most expensive work by a female artist" (Nov 21, 2025): On Kahlo's canvas The Dream (The Bed) selling for $54.7 million. "All you need to know about Klimt’s canvas that is now the most expensive modern artwork" (Nov 19, 2025). "What’s special about a $12.1 million gold toilet?" (Nov 19, 2025): A quirky look at a flushable 18-karat gold artwork. 4. Art Education & History "Art as play: How process-driven activities are changing the way children learn art in India" (Nov 23, 2025). "A glimpse of Goa's layered history at Serendipity Arts Festival" (Dec 9, 2025): Exploring historical landmarks as venues for contemporary art. Signature Beats Vandana is known for her investigative approach to the art economy, having recently written about "Who funds the Kochi-Muziris Biennale?" (Dec 11, 2025), detailing the role of "Platinum Benefactors." She also explores the spiritual and geometric aspects of art, as seen in her retrospective on artist Akkitham Narayanan and the history of the Cholamandal Artists' Village (Nov 22, 2025). ... Read More

Click here to join Express Pune WhatsApp channel and get a curated list of our stories

Loading Recommendations...

Apr 23: Latest News

Live Blog