It is believed that Mukesh Ambani-owned Reliance Industries is in talks with Chinese company ByteDance for a video app in India.
Bytedance is a China-owned company that is the parent organization of TikTok and Halo, two of the Made in China apps that were banned by the Indian government.
Quoting sources, the Tech Crunch report said that Reliance and ByteDance began conversations at the end of July, but are yet to finalise a deal.
Notably, the news created massive social media buzz. This is how people reacted.
Last month, Reliance Industries Limited (RIL) signed a binding partnership with Google to pick up 7.7 percent stake in Jio platforms for an investment of Rs 33,737 crore, said RIL Chairman Mukesh Ambani on Wednesday.