After the ban of Tiktok in India, its future seems dim in other countries as well with the most recent being the US.
USA has recently asked TikTok to sell its operation to a US-based company if it wants to continue operating in the USA. All this comes amidst reports of the TikTok stealing and sharing TikTok’s data with the Chinese goverenemnt.
As selling its operations to a local company in countries where it has been banned seems to be the only solution, TikTok, reportedly, is planning to sell its India’s operation to Reliance Industries Limited (RIL).
As per a report by Times Now, Billionaire Mukesh Ambani-controlled Reliance Industries is reportedly in the primary stage of assessing the possibility of investing in short-form video-sharing app TikTok’s India operations at this juncture.
The report adds that TikTok’s chief executive officer (CEO) Kevin Mayer has reportedly approached senior RIL to understand if Mukesh Ambani would be interested in the app’s India unit
The Reliance spokesperson, however, for now, has declined to comment on what it called “speculation and rumours”.
“Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Sebi rules and our agreements with the stock exchanges,” the RIL spokesperson said.
There are also speculations that RIL will wait for TikTok’s India’s business to plunge more to get a fair and pocket-friendly deal out of it. However, if that’s the plan, RIL will have to also vary of the fact that Microsoft has come forward with a deal to buy the global operation of TikTok.
However, if the Microsft-Bytedance deal doesn’t get a handshake, TikTok could consider selling its business in the country to other overseas or Indian buyers.