mentioned Bloomberg said on Saturday that the Chinese company, ByteDance, is considering selling Tik Tok operations in India to rival Glance.
It comes in an effort to revive the once thriving short video sharing app that has been banned indefinitely in the South Asian country.
The report said, quoting people familiar with the matter: The discussions, which were initiated by the Japanese Softbank Group, are private, early and complex.
Softbank is a supporter of Glance’s parent company, InMobi Pte, as well as TikTok’s Chinese parent company ByteDance.
InMobi, parent company of Glance’s mobile advertising technology, owns the short video app Roposo that gained fame after the Indian government banned TikTok in July last year.
The discussions involve four parties. Talks are taking place between Softbank, ByteDance and Glance, and any deal needs a final seal of approval from the Indian authorities.
ByteDance last month cut its Indian team of more than 2,000 people, and said it was not sure about the resumption of operations in India.
India banned thousands of Chinese apps, including TikTok, last year after fierce hostility on the border between India and China.
The move came after India decided to maintain its ban on TikTok and 58 other Chinese apps after responses from companies on issues such as compliance and privacy.
Softbank is trying to salvage TikTok’s assets in India, and is looking for local partners even as the new US administration suspends US operations of the popular short video platform.
The new US administration has asked a federal judge to stop the lawsuit after former President Trump blocked the platform, as Biden’s team reviews US policies.
If the talks progress, the Indian government will insist that TikTok user data and technology remain within its borders.
This is because relations between New Delhi and Beijing remain strained, and India will not allow technology companies based in China.
China’s new rules on technology exports are making negotiations more complicated, and any Tik Tok sale may need approval from Chinese authorities.
The dramatic reversal in TikTok came last summer after the app reached more than 200 million users in India, one of its largest markets.
The Indian government cited threats to its sovereignty and security in order to ban a large number of Chinese applications, such as TikTok, which works with artificial intelligence, and indicated last month that the ban is permanent.
ByteDance began disbanding its local operations, firing hundreds of Indian employees, many of whom turned to local competitors.
Video app competitors spread in India after TikTok was banned, which accelerated the growth of Glance and Roposo and pushed the user base to more than 130 million users.