Business
How Ambani outfoxed Amazon in a $3.4 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.
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.
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.
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Business managers, known for their dynamic and demanding roles, are now adopting innovative activity hacks to improve their lifestyle and well-being. Recognizing the importance of work-life balance and personal wellness, these leaders are implementing a range of activities to foster physical health, mental clarity, and overall satisfaction in their professional and personal lives.
Mindfulness at Work lifestyle
Business managers are incorporating mindfulness practices, such as meditation and deep breathing exercises, into their daily routines to reduce stress and increase focus in high-pressure situations.
Regular Exercise Breaks
Amid tight schedules, managers are embracing short exercise breaks, such as brisk walks or stretching exercises, to stay active throughout the day and boost their energy levels.
Nutrition and Healthy Eating
Prioritizing their well-being, managers are adopting healthier eating habits, including nutritious snacks and well-balanced meals, to sustain their energy during demanding workdays.
Time Management Workshops
Business managers are attending time management workshops to enhance their organizational skills, enabling them to efficiently juggle multiple responsibilities and achieve better work-life integration.
Skill Development Seminars
Recognizing the value of continual growth, managers are attending skill development seminars to stay updated on industry trends and enhance their leadership abilities.
Flexible Work Arrangements
Some forward-thinking companies are offering flexible work arrangements to business managers, providing the freedom to create a more harmonious work-life balance.
Social Engagement
Building a sense of camaraderie, managers are engaging in team-building activities and networking events to foster positive relationships within their professional circles.
Unplugging from Technology: In a digital era, managers are prioritizing personal time by unplugging from technology during non-working hours, allowing for genuine relaxation and recharging.
Pursuing Hobbies and Interests
Managers are rediscovering their passions outside of work, be it painting, gardening, or playing a musical instrument, to unwind and find fulfillment beyond their professional roles.
Encouraging Employee Wellness
Some managers are also promoting wellness initiatives within their teams, encouraging their employees to embrace similar activity hacks and lead healthier lives.
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