RIL in talks with parent ByteDance to acquire TikTok in India

RIL in talks with parent ByteDance to acquire TikTok in India – In a big development amid controversy around Chinese social media giant TikTok, its owner ByteDance is in early-stage talks with Mukesh Ambani’s Reliance Industries Ltd to financially back its India business with the favored video-sharing app, alongside 58 other apps, was banned in India on June 29 over national security and data privacy concerns.

Both the businesses had started discussions in July but the ultimate decision on the deal is yet to be taken, TechCrunch reported, citing people conversant in the developments. Investment in TikTok by India’s biggest oil-to-retail conglomerate couldn’t only save its fate in one among its biggest markets but also provide the Mukesh Ambani-led RIL deeper connections with its customers.

Both the businesses, however, haven’t begun with official statements on this thus far. Before the ban in June, TikTok India had over 200 million subscribers and therefore the company was valued at $3 billion.

Experts believe the combined power of TikTok and RIL’s Jio Platforms — which features overall amassed around 400 million users and has a host of massive investors, including Facebook and Google, onboard — can really do wonders for Mukesh Ambani’s decision to revive RIL into a technology-driven company.

The deal could also address the fears of the Indian government, which banned it after serious objections were raised over the app’s alleged links with the Communist government in China, though the corporate has vehemently denied it.

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