Reliance linked with TikTok move - Mobile World Live

Reliance linked with TikTok move

13 AUG 2020

Reliance Industries was reportedly in early talks with ByteDance regarding an investment in its TikTok social media business, a move which could rescue the app’s presence in India.

TechCrunch stated discussions between Reliance Industries and ByteDance commenced towards the end of July.

The move would involve reinstating TikTok, which was one of 59 Chinese apps banned by India in June due to rising tensions between the nations.

TechCrunch placed the value of TikTok’s operations in India at more than $3 billion.

The potential move would certainly fit with Reliance Industries’ chairman Mukesh Ambani’s broader ambitions: in 2019 he branded the conglomerate “the digital gateway of India”.

Reliance Industries has a hefty pot of cash on hand following a recent investment run involving big names including Google, Facebook, Intel and the Public Investment Fund of Saudi Arabia (PIF).

Details of the talks comes after Microsoft and Twitter reportedly initiated discussions regarding an acquisition of TikTok’s operations covering several countries.

Back

Author

Yanitsa Boyadzhieva

Yanitsa joins Mobile World Live as a Reporter based in London. She has more than 5 years’ experience at various media outlets in her home country Bulgaria. She started her career as a political reporter, followed by taking editor roles...

Read more

Related

Tags