Sonam Kapoor-Anand Ahuja Buy Nirav Modi’s Rhythm House For Rs 47.84 Crore (image-Instagram/anandahuja)

Actress Sonam Kapoor and her husband Anand Ahuja’s Bhaane Group bought Mumbai-based music retail store Rhythm House, previously owned by Nirav Modi, for an impressive Rs 47.84 crore (478.84 million).

Located in the cultural and heritage neighbourhood Kala Ghoda, the 3,600-square-foot structure was shut down in 2018 after Nirav Modi defaulted on billions of dollars of bank loans.

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The news was confirmed by Shantanu T. Ray, the official liquidator overseeing the sale of Firestar’s assets. “The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees,” Ray told Bloomberg News.

While the Bhaane Group declined to comment on the financial details of the deal, it stated that the company aims to increase its retail footprint in the city. Bhaane’s retail unit operates the chain of Nike and Converse stores in India.

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Founded in the 1940s, Rhythm House hosted several musicians, including classical musician Pandit Ravi Shankar and Jethro Tull’s Ian Anderson. However, with music piracy becoming a common phenomenon in the late 1990s, the iconic South Mumbai store’s vinyls, cassettes, and compact CDs lost their relevance.