TikTok's parent ByteDance in talks with Reliance for backing app in India: Reports

In a massive development, reports on Thursday suggested that Chinese giant ByteDance, parent company of TikTok, is in talks with Reliance Industries Limited (RIL) for backing banned app's business in India. This comes as a big revelation since it is reported that move could potentially help lift ban on popular video-sharing app in India, which was one of its largest markets amassing over 200 million users. thought process here appears to be along lines of what is being discussed in US, with US-based companies looking to acquire TikTok's operations in those regions so that it needn't any longer be a Chinese company.

Sources have revealed that ByteDance and RIL are in early sts of discussions which commenced last month and have t finalised a deal ding that talks are mostly private. It is also uncertain if TikTok could make a comeback through this deal especially since Indian Government followed up on ir 59 Chinese apps ban by banning ar 47 alleged 'clones' of earlier apps.

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However, an investment by RIL into TikTok could prove to be ar landmark breakthrough for company's digital arm- JioPlatforms which received over 12 major investments in last 11 weeks from top global entities including Google, Facebook, Intel Capital, Silver Lake, and ors making Chairman Mukesh Ambani fourth-richest man in world. Last month, market value of Mukesh Ambani's Reliance Industries reached a record-breaking Rs 13.94 lakh crore. 

Microsoft in talks with TikTok

Meanwhile, in US, US President Donald Trump on August 6 signed an executive order banning American citizens and businesses from doing any transaction with Chinese-owned application TikTok, its parent company ByteDance and messaging app WeChat after 45 days. Trump h earlier anunced that TikTok will go out of business by September in his country if t sold to an American company, accusing Chinese-owned apps of storing personal data of American citizens and possibly sharing it with Beijing. 

Sources have revealed that US tech giant Microsoft is alrey in talks with ByteDance to reach an agreement regarding sale of TikTok's US operations, while social media networking site Twitter has also expressed interest. US President Donald Trump last week said that he would support Microsoft’s efforts to buy TikTok’s US operations if  government received a 'substantial portion' of proceeds.

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