Bollywood actress Sonam Kapoor and her husband, Anand Ahuja’s company, Bhaane Group, have acquired the legendary music store Rhythm House in Mumbai for a reported 478.4 million rupees.
The 3,600-square-foot store has been closed since 2018 due to the financial troubles of its previous owner, Nirav Modi.
The sale was overseen by a resolution professional appointed by the Indian bankruptcy court.
Bhaane Group plans to expand its retail presence in Mumbai with the acquisition of Rhythm House. While they couldn’t disclose specific financial details, their statement indicated a strategic move to tap into the city’s cultural landscape.
Rhythm House, established in the 1940s, was once a haven for music lovers. It hosted legendary musicians like Pandit Ravi Shankar and Jethro Tull’s Ian Anderson. However, the rise of music piracy and digital streaming led to its decline.
With Bhaane Group at the helm, Rhythm House is set for a revival, promising to once again become a cultural landmark for music enthusiasts in Mumbai.
