With Oracle and Walmart set to acquire significant stakes TikTok’s US business, questions about a possible sale in India loom.
The Beijing-based company was banned in India alongside a host of other Chinese apps on June 29 following Sino-Indian border tensions. The Narendra Modi government said it believes these apps share users’ information with the Chinese government, posing a threat to India’s sovereignty and security.
Last month, reports cited ByteDance was holding talks with Reliance group for backing TikTok’s Indian business. Headed by India’s richest man, Mukesh Ambani, the deep-pocketed conglomerate is well-positioned to make a bid. Especially with the corpus of cash its digital arm Jio Platforms has amassed just this year.