Entertainment
Sonam Kapoor and Anand Ahuja Acquire Mumbai’s Iconic Rhythm House from Nirav Modi for ₹478 Million
Sonam Kapoor and Anand Ahuja Acquire Mumbai’s Iconic Rhythm House from Nirav Modi for ₹478 Million
The renowned music store in Mumbai, Rhythm House, has been acquired by Bhaane Group, which is owned by Bollywood actress Sonam Kapoor and her husband Anand Ahuja, for ₹478.4 million ($5.7 million). A popular spot for music fans, Rhythm House had been shut down since 2018 as a result of Nirav Modi’s Firestar Diamond International Pvt, the company that had run the business, going bankrupt.
The transaction was confirmed to Bloomberg News by Shantanu T. Ray, the official liquidator appointed by the Indian bankruptcy court, who said the ₹478.4 million purchase had been accepted by the stakeholder committee. Although the acquisition was confirmed, a Bhaane representative would not comment on the financial details. One of the greatest clothing manufacturers in India is Bhaane, a clothing line claimed by Anand Ahuja’s dad Harish Ahuja under Shahi Products Pvt., which supplies notable global brands including H&M, Decathlon, and Uniqlo.
A spokesman for Bhaane said the business has finished its due diligence and intended to increase its retail presence in Mumbai. Additionally, Bhaane runs the chains of Converse and Nike stores throughout India.
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For Rhythm House, which began during the 1940s and filled in as a social occasion place for music fans, offering vinyl records, tapes, and CDs, the obtaining connotes the conclusion of a significant period. Notwithstanding Bollywood big names, the store has facilitated prestigious entertainers including Ian Anderson of Jethro Tull and Pandit Ravi Shankar. Nonetheless, by the last part of the 1990s, the store was turning out to be less and less pertinent because of the ascent of computerized streaming and music robbery.
