Sonam Kapoor-Anand Ahuja buy Mumbai's iconic Rhythm House for ₹47.8cr
What's the story
Bhaane Group, owned by actor Sonam Kapoor Ahuja and her husband Anand Ahuja, has acquired the iconic Mumbai music store Rhythm House.
The deal was confirmed by Shantanu T Ray, an official liquidator overseeing the sale of Firestar's assets.
"The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees (₹47.8cr)," Ray told Bloomberg News in a telephone interview.
Here's why this acquisition is making headlines.
Store's history
'Rhythm House' was once a hub for music enthusiasts
Rhythm House, which covered 3,600 square feet, was once a paradise for music lovers.
Founded in the 1940s, it welcomed legendary musicians such as Pandit Ravi Shankar and Jethro Tull's Ian Anderson.
However, it shut down in 2018 after owner Nirav Modi defaulted on billions of dollars in bank loans.
The store's closure ended an era for music lovers who grew up listening to vinyl records, cassettes, and CDs at the iconic store.
Expansion plans
Bhaane Group plans to expand its retail presence
A spokesperson for Bhaane confirmed the purchase of Rhythm House but did not reveal the financial details.
In an email statement, they reportedly said, "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 is a part of Shahi Exports Pvt, owned by Ahuja's father Harish Ahuja. It runs a chain of Nike and Converse stores in India.