Sonam Kapoor and Anand Ahuja buy iconic Mumbai music store Rhythm House for Rs 478.4 million

Bhaane Group, owned by actor Sonam Kapoor and her husband Anand Ahuja, is acquiring Rhythm House, an iconic music store in Mumbai, for Rs. 478.4 million ($5.7 million). The 3,600-square-foot Rhythm House closed in 2018 after its owner, Nirav Modi of Firestar Diamond International Pvt, defaulted on billions of dollars in bank loans.

A resolution professional appointed by the Indian bankruptcy court, overseeing the sale of Rhythm House, confirmed the deal's value to Bloomberg News in a telephone interview. “The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees,” stated Shantanu T. Ray, the official liquidator managing the sale of Firestar's assets.

A spokesperson for Bhaane, which produces various clothing lines under its own label, confirmed the purchase of Rhythm House but declined to disclose the deal's value. The company is a subsidiary of Shahi Exports Pvt, owned by Anand Ahuja's father, Harish Ahuja, and is one of India's largest apparel manufacturers, supplying international brands such as Uniqlo, Decathlon, and H&M.

A spokesperson for Bhaane stated in an email, “We have completed our due diligence and plan to expand our retail presence in the city. As private companies, we are unable to comment on any financial information regarding the bid.” Bhaane's retail division operates a chain of Nike and Converse stores in India.

The deal marks the end of an era for music lovers who grew up listening to their favorite artists on vinyl, cassettes, and compact discs. Established in the 1940s, Rhythm House once hosted legendary musicians like classical artist Pandit Ravi Shankar, Ian Anderson of Jethro Tull, and numerous Bollywood stars. However, starting in the late '90s, a surge in music piracy followed by the rise of digital streaming gradually rendered the iconic store irrelevant for music enthusiasts.

Also Read : Sonam Kapoor shares heartwarming Maldives vacation photos with husband Anand Ahuja and son Vayu



from Featured Movie News | Featured Bollywood News - Bollywood Hungama
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