Alibaba partners with three firms to form JV, expand Russia biz

China's largest e-commerce firm, Alibaba Group Holding Ltd has joined forces with a state fund and two technology firms in Russia, hoping that access to their client base of more than 100 million people will boost its development. Alibaba will own 48 percent of AliExpress Russia as a result of a deal signed with Russian Direct Investment Fund, mobile operator Megafon and internet group Mail.

ru during Russia's Eastern Economic Forum on Tuesday. The three Russian entities will have a combined 52 per cent stake in the e-commerce.

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