Softbank Is Said to Consider Bid for China’s Tiktok in India

Softbank Is Said to Consider Bid for China’s Tiktok in India

SoftBank Group Corp. is exploring assembling a group of bidders for TikTok’s India assets and has been actively looking for local partners, according to people familiar with the matter.

Over the past month, the Japanese conglomerate, which owns a stake in TikTok’s Chinese parent ByteDance Ltd., has held talks with the heads of India’s Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd., the people said, asking not to be identified because the details are private. While discussions have fizzled since, SoftBank is still exploring options, according to the people.

Representatives for SoftBank, ByteDance, Reliance and Bharti Airtel declined to comment.

TikTok is considering selling its operations in several countries after local governments shut out the app, citing fears that sensitive user data was passing into the hands of the Chinese state. India, a long-time regional rival, has taken a particularly tough stance, banning 59 of China’s largest internet services in July, including TikTok. The move came less than a month after 20 Indian soldiers died in border clashes amid heightening nationalism stoked by Prime Minister Narendra Modi.

SoftBank would almost certainly need a local partner to cut a deal that would win government approval.  Before the ban, India was one of TikTok’s largest markets, with more than 200 million users.

Centricus Asset Management Ltd., which is also a frequent adviser to SoftBank, teamed up with Triller Inc. in a bid for TikTok’s operations in the U.S. and several other countries for $20 billion, according to a person familiar with the matter.

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