Mukesh D. Ambani, chairman of Reliance Industries Ltd., attends the Ajay Mushran Memorial Lecture in New Delhi, India, on Sunday, July 10, 2011.
Pankaj Nangia | Bloomberg | Getty Pictures
Indian conglomerate Reliance Industries may very well be about to put money into Chinese language-owned social media app TikTok, in keeping with a report from TechCrunch Thursday, which cited two sources acquainted with the matter.
Reliance Industries is at the moment in “early discussions” with TikTok mum or dad firm ByteDance, which is headquartered in Beijing, a couple of potential deal for TikTok’s enterprise in India, in keeping with the report.
Discussions between ByteDance and Reliance Industries reportedly started in July however a deal is but to be reached. TikTok’s enterprise in India has a valuation of $three billion, in keeping with one of many sources cited by TechCrunch.
It is unclear if Reliance wish to purchase the entire of TikTok’s enterprise in India or simply a part of it.
TikTok has acquired extra customers in India than in some other nation however the app was banned by the Indian authorities together with 58 different Chinese language apps on June 29 as geopolitical tensions between the 2 nations soared. It is potential that the Indian authorities would reinstate TikTok if it was owned by an Indian firm, identical to President Donald Trump has mentioned TikTok may proceed working within the U.S. offered it’s owned by a U.S. firm, such as Microsoft.
Based in 1973 and owned by Mukesh Ambani, India’s richest man, Reliance Industries has historically been within the oil and petrochemicals enterprise. Over the previous few years, nonetheless, it has been placing extra of a concentrate on tech. Reliance’s Jio Platforms enterprise has raised round $20 billion over the previous few months from traders together with Google and Facebook, which is immediately competing with TikTok with Instagram Reels.
ByteDance, TikTok and Reliance Industries didn’t instantly reply to a CNBC request for remark.
Learn the total report from TechCrunch here.
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