Bytedance In Talks To Sell Its Indian TikTok Assets ( FEB 21)

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS :

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS

ByteDance Ltd. is said to be examining the sale of India’s TikTok operations against unicorn Glance, in an effort to revive the ever-growing growing video-sharing app in the South Asian nation.

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS

The negotiations were initiated by a Japanese consortium of SoftBank Group Corp., according to people familiar with the negotiations, who declined to be identified because the negotiations were as private and complex as before. SoftBank is a supporter of Glance’s parent InMobi Pte and TikTok’s Chinese parent, ByteDance.

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS

Softbank, ByteDance, and InMobi did not immediately respond to Reuters’s request for comment.

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS :

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS

The move comes just months after India’s Department of Technology and Information (EAC) imposed a permanent ban on TikTok and 58 other Chinese applications, increasing the restrictions imposed last June on compliance and privacy concerns.

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS

In response, ByteDance reduced the size of its group in India, where the organization employed more than 2,000 people. Beijing then accused India of violating the basic market rules and rules of the World Trade Organization.

BYTEDANCE IN TALKS TO SELL ITS INDIAN TIK TOK ASSETS

Political and economic ties between the two Asian empires have deteriorated after 20 Indian soldiers, including their commander, were killed in a skirmish of Chinese troops in the Himalayas in June. Since then, the feeling of “Boycott China” has spread on social media in India.

According to the report, the Indian government will insist that TikTok’s information and technology remain within its borders as negotiations continue.

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