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TikTok In Talks With Mukesh Ambani To Sell Its India Business
By: Tupaki Desk | 13 Aug 2020 6:52 AM GMT
Billionaire Mukesh Ambani controlled Reliance Industries (RIL) is reportedly in talks with the short-form video-sharing app TikTok's over the possibility of investing in India operations at this juncture.
According to reports, TikTok CEO Kevin Mayer has reportedly approached senior Reliance Industries executives to gauge if the RIL is interested in picking up a stake in the app’s India unit.
The report said the two companies started talks late last month. However, they have not reached a deal yet. The short-form video-sharing app's business in India had garnered over 200 million users before it was banned June and is being valued at more than $3 billion.
Reliable sources stated that discussions are at an early stage, and the deal is unlikely to materialise because there are many obstacles.
According to reports, TikTok CEO Kevin Mayer has reportedly approached senior Reliance Industries executives to gauge if the RIL is interested in picking up a stake in the app’s India unit.
The report said the two companies started talks late last month. However, they have not reached a deal yet. The short-form video-sharing app's business in India had garnered over 200 million users before it was banned June and is being valued at more than $3 billion.
Reliable sources stated that discussions are at an early stage, and the deal is unlikely to materialise because there are many obstacles.
