Sonam Kapoor and Anand Ahuja have paid ₹478.4 million to acquire the renowned music store Rhythm House in Mumbai. After Nirav Modi, the store’s former owner, fell behind on enormous bank obligations totaling billions of dollars, the 3,600-square-foot establishment had been closed since 2018.
The Indian bankruptcy court oversaw the sale of Rhythm House, and during a phone chat, Bloomberg News was able to verify the company’s worth. “Rhythm House’s sale for ₹478.4 million has been approved by the stakeholder committee,” said Shantanu T. Ray, the liquidator managing Firestar’s assets.
The purchase of Rhythm House was verified by a representative for Anand Ahuja’s apparel company Bhaane, but the deal’s exact value was not made public. “We intend to increase our retail presence in the city after completing our due diligence. In an email statement, the Bhaane spokesman stated, “We are unable to comment on any financial details regarding the bid because we are private companies.”
For music fans who have pleasant memories of listening to vinyl records, cassettes, and CDs of their favorite performers there, the acquisition of Rhythm House signifies the end of an era. Famous artists like Ian Anderson of Jethro Tull and Pandit Ravi Shankar used to perform at the store, which was founded in the 1940s. But by the late 1990s, its importance to music lovers had lessened due to the growth of digital streaming and music piracy.
