Reliance May buy TikTok India

The Show Time | Indiatimes Source

A similar approach has now been made by the firm to Reliance Industries (RIL). A new report indicates that TikTok chief executive officer (CEO) Kevin Mayer has approached senior RIL executives to analyse if RIL is interested in a stake in the app’s India division.

RIL and Jio’s corporate development, strategy and M&A teams are now examining whether any investment or acquisition is worthwhile at this stage, a recent report by ET cites people with knowledge of the matter.

As of now, RIL has declined to comment on the development and has dismissed them as “speculation and rumours”.

“Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Sebi rules and our agreements with the stock exchanges,” the RIL spokesperson told the publication.

As per sources mentioned in the report, the discussions for a US-like acquisition are at an early stage. The report also mentions that the transaction is “unlikely to materialise” because of many obstacles.