New Delhi : Actress Sonam Kapoor and her husband Anand Ahuja, through their company Bhaane Group, have acquired Mumbai’s iconic music store Rhythm House for ₹47.84 crore. The store, which closed its doors in 2018, had been previously owned by fugitive businessman Nirav Modi, who defaulted on bank loans worth billions.
The sale was confirmed by the resolution professional handling the liquidation of Firestar International, Modi’s business entity. Shantanu T Ray, the liquidator, said, “The stakeholders’ committee approved the sale of Rhythm House for ₹478.4 million.”
A representative from Bhaane Group confirmed the acquisition but declined to provide financial details. The spokesperson said the company had completed due diligence and plans to expand its retail footprint in Mumbai, adding, “As private entities, we are not at liberty to disclose bid details.”
Rhythm House, established in the 1940s, was a beloved hub for music lovers, selling vinyl records, cassettes, and CDs. Over the years, it attracted celebrities including Ian Anderson of Jethro Tull and Pandit Ravi Shankar. However, the store’s fortunes declined with the rise of music piracy in the late 1990s and the shift towards digital streaming, leading to its eventual closure.
The acquisition is part of Bhaane Group’s broader retail strategy. Already a prominent player in Indian retail, Bhaane operates Nike and Converse stores across the country. It is part of Shahi Exports Pvt., one of India’s largest apparel manufacturers, supplying global brands like Uniqlo, H&M, and Decathlon.
The acquisition marks the revival of Rhythm House and the beginning of a new chapter for the legendary store. Music fans hope that the cultural legacy of the venue will be preserved and reimagined as it reopens under new ownership.
