ByteDance explores sale of Indian TikTok assets to rival firm Glance

Saturday, 13 February 2021 18:08

By REUTERS

China's ByteDance is said to be exploring the sale of the India operations of TikTok to rival unicorn Glance, Bloomberg News reported on Saturday.

The discussions, initiated by Japan's SoftBank Group Corp, are private, early and complex, the report said, citing people familiar with the matter.

Glance's parent, mobile advertising technology firm InMobi, also owns short-video app Roposo that has gained in popularity after TikTok was banned by the Indian government in July last year.

SoftBank is a backer of InMobi Pte as well as TikTok's Chinese parent, ByteDance, the report added.

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

Last month, ByteDance reduced its 2,000-plus India team and said in a company memo that it's unsure of resuming operations in India.

The move came after India decided to retain its ban on TikTok and 58 other Chinese apps following responses from the companies on issues such as compliance and privacy.

According to the report, the Indian government will insist that user data and technology of TikTok stay within its borders if the talks progress.

More from Business News

UK's Jaguar Land Rover to halt US shipments over tariffs

Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.
US starts collecting Trump's new 10% tariff

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).