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ByteDance in talks with Mukesh Ambani's Reliance for investment in TikTok

China's ByteDance is in early talks with Mukesh Ambani's Reliance Industries Ltd for investment in its video-based app TikTok's business in India, according to TechCrunch. The report said the two companies began conversations late last month. However, they have not reached a deal yet.

India TV News Desk India TV News Desk
New Delhi Updated on: August 13, 2020 11:07 IST
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Image Source : TIKTOK

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China's ByteDance is in early talks with Mukesh Ambani's Reliance Industries Ltd for investment in its video-based app TikTok's business in India, according to TechCrunch. The report said the two companies began conversations late last month. However, they have not reached a deal yet.

In June, the government had banned 59 Chinese apps including TikTok and WeChat for threatening India's soverignty and integrity post border tensions with China.

According to sources quoted by TechCrunch, TikTok's business in India, where it had amassed over 200 million users before it was banned in late June, is being valued at more than $3 billion

Meanwhile, US President Donald Trump also signed executive orders banning apps like TikTok and WeChat, terming them a threat to the national security and to the country's economy. The ban comes into effect in 45 days, Trump said in his two separate executive orders signed on Thursday.

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