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).Subscribe to our daily newsletter Back