According to the report, the two companies began conversations late last month and have not reached a deal yet.
Reliance, ByteDance, and TikTok did not immediately respond to Reuter’s requests for comment.
In June, the Indian government banned 59 Chinese apps, including TikTok and WeChat, for threatening its “sovereignty and integrity” after border tensions with China.
US President Donald Trump unveiled bans on US transactions last week with the China-based owners of messaging app WeChat and TikTok, escalating tensions between the two countries.
Microsoft has been in talks to acquire the US operations of the video-sharing app.
Sources familiar with the matter told Reuters late last week that Twitter has also expressed interest in having a deal with TikTok.