ByteDance in Early Talks With Reliance Industries to Invest in Video App

China's ByteDance is in early talks with Reliance Industries for an investment in its video-based app TikTok's business in India, TechCrunch reported on Thursday, citing sources.

The two companies began conversations late last month and have not reached a deal yet, according to the report.

Reliance, ByteDance, and TikTok did not immediately respond to Reuters requests for comment.

The Indian government in June banned 59 Chinese apps, including TikTok and WeChat, for threatening its "sovereignty and integrity" after border tensions with China.

Last week, US President Donald Trump unveiled bans on US transactions with the China-based owners of messaging app WeChat and TikTok, escalating tensions between the two countries.

Microsoft has been in talks to acquire the US operations of the video-sharing app.

Social media platform Twitter has also expressed interest in having a deal with TikTok, sources familiar with the matter told Reuters late last week.
© Reuters

August 13, 2020