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How Ambani outfoxed Amazon in a $3.4 billion deal dispute

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How Ambani outfoxed Amazon in a .4 billion deal dispute

Even as Amazon furiously tried to block formal acquisitions through lawsuits and arbitration across India and Singapore, Ambani’s Reliance Industries Ltd. quietly began poaching employees and taking over rental leases of hundreds of stores once run by Future Retail Ltd. and Future Lifestyle Fashions Ltd. in late February. Ambani’s bloodless takeover compelled Amazon to seek a resolution to the heated dispute, scared Future’s investors and bankers, and raised concerns about asset stripping.

“We were not expecting Reliance Group to take such harsh measures without even consulting us,” “In a March 2 letter to Reliance’s retail operations, Future Retail’s Chief Financial Officer Chandra Prakash Toshniwal wrote: “Please confirm that there will be no reduction in the amount due.””

Future Lifestyle also issued a letter on March 5 that voiced “concerns and shock” and asked Reliance not to take any steps that “may be considered seriously by the Lenders, who have charge on all current and fixed assets” of the company (Bloomberg has copies of both letters). Future’s credit lines may be cut off, destroying what’s left of an already cash-strapped retailer, according to the letter.

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After Amazon protested to Reliance’s August 2020 bid to buy Future Retail’s stores and warehouses for 247.1 billion rupees ($3.4 billion), Kishore Biyani’s Future Group became embroiled in a battle between two giant firms. As it bled out Future Retail, the American e-commerce behemoth claimed the deal broke its 2019 agreement with another Future Group subsidiary.

Before the outbreak, Future Group was India’s largest retail food chain, making it a tempting target for two of the world’s wealthiest men, Mukesh Ambani and Jeff Bezos of Amazon, as they vie for control of the only billion-plus consumer market where foreign corporations can compete.

Reliance, Amazon, and the Future Group representatives did not immediately respond to an emailed request for comment on the letters.

 

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Investors and lenders in the Future Group, including Blackstone Inc. and L Catterton, are now waiting to see if Reliance, Future, and Amazon can reach an out-of-court solution by March 15, when they must report progress to India’s Supreme Court.

Complete News Source : MINT

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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