Actress Sonam Kapoor and her husband Anand Ahuja, who are the owners of Bhaane Group, have bought Rhythm House, a music store for Rs 47.8 crore in Mumbai. After Nirav Modi defaulted on billions of dollars of bank loans, the 3,600-square-foot Rhythm House had been shuttered in 2018.
A resolution professional appointed by the Indian bankruptcy court who managed the store's sale confirmed the deal's worth and confirmed the news to Bloomberg News. Shantanu T Ray, the official liquidator overseeing the sale of Firestar’s assets, said, “The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees.”
The company is an offshoot of Shahi Exports Pvt, which was founded by Anand's father, Harish Ahuja, and is one of India's major apparel manufacturers, supplying worldwide brands such as Uniqlo, Decathlon, and H&M.
A spokesperson for Bhaane confirmed the purchase of the store but declined to share the value of the deal. “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,” a spokesperson stated.
All About Rhythm House
Rhythm House was established in 1940s and during that era, legendary musicians like classical artist Pandit Ravi Shankar, Jethro Tull’s Ian Anderson, and more used to host musical events. In the 90s, the store was a landmark for music lovers.
