I saw this from other sources earlier this week but thought it was too far fetched to be true. Still not sure it is accurate.
However, given that multinational corporations have greater revenue than many sovereign nations it is not out of the realm of possibility they would begin to gobble up whole nations.
It is not like this hasn’t happened before, think of the British East India Company and its Bombay Marine:
https://en.wikipedia.org/wiki/Royal_Indian_Navy#1612–1830,_the_Bombay_Marine
Not sure that history could repeat itself in the same way given current technology, particularly in communications, ie social media.
It’s not like 1599 where vastly superior forces with better guns are confronting disorganized forces with primitive weapons.
I think it’s chinese disinformation, because they very much want to separate India from the US as allies.