Reliance to take over TikTok in India at THIS whopping amount?

Reliance Industries Limited is most likely to acquire Bytedance's TikTok in India at a whopping amount of $5 billion. Read on to know more.

As uncertainty over ByteDance’s TikTok business continues in India and the United States, multiple reports state that the company is currently in talks for selling its business in India. Reportedly Reliance Industries Limited has come out as a key prospective bidder for the Chinese video making company.

Reliance to buy TikTok?

According to reports, the Mukesh Ambani led company has been in talks with ByteDance for over a month now. The deal is said to have reached a whopping $5 billion. ByteDance’s TikTok operation in India alone is worth over $3 billion. However, the deal hasn’t been closed off yet.

While both ByteDance and Reliance have refused to comment on the deal, industry analysts have claimed that this is the most likely scenario to play out currently. India had only recently banned more than 60+ apps by its Chinese counterparts citing National security and data breach.

Tiktok employs over 2,000 people in India alone all of whom stare at the uncertainty of their jobs. In a statement released after its ban, Kevin TikTok CEO Kevin Mayer who is also the COO of ByteDance said that employees are the company’s “biggest strength” and their wellbeing its “topmost priority”.

“We have also assured more than 2,000 strong workforces that we will do everything in our power to restore the positive experiences and opportunities that they can be proud of,” Mayer said in a blog, addressing the company’s Indian staff.

However, as the United States has laid out a 45-day deadline for the TikTok owned company, Microsoft has confirmed buying its business in the US, Canada, Australia, and New Zealand by mid-September.

Meanwhile, reports suggest that many TikTok employees are now reportedly seeking opportunities with rivals like Chingari, Trell, Bolo Indya and Sharechat, among others.

For More Such Updates, Stay tuned to Madam 360

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy Policy