Reliance Industries is reportedly in talks withByteDance, the parent company of TikTok, to acquire TikTok’s business in India.As per media report, discussions between the companies stated last month and a deal has yet not been reached.
If the deal goes thru TikTok will be back in action as it will become a part of an Indian company.In fact, its something similar to what President Donald Trump has proposed to TikTok if they wish to continue their business in the US.
Due to geopolitical tensions and various security issues in the app, the Indian government banned TikTok and 58 other Chinese apps on the 29th of June. India was one of TikTok’s largest markets with over 200 million active users, generating more than $3 billion in revenue.
In India, ByteDance employs over 2,000 people whose fortune now dangles on the Indian government’s decision of whether to allow them to operate.
Interestingly, in the past few days, there were a lot of reports suggesting that Microsoft is also having negotiations with ByteDance, the Chinese owner of TikTok, to purchase its operations in different countries. The company is planning to buy all of TikTok global business, including its operations in India and Europe, reports the Financial Times. The report further highlights that the company is planning to buy the assets of TikTok in America, Australia, and New Zealand. TikTok faces a September 15 deadline to either complete a sale of its U.S. operations to Microsoft or face a ban in the United States.
The report further highlights that Microsoft has a plan to buy all its assets in the countries where TikTok operates. The report added that there was a deal in the works with Microsoft for TikTok India, but that if it fell through, ByteDance could sell the business to foreign or local buyers. The company will license its technology to the company and it will share revenue as well.