Alibaba forms joint venture with Russian firms

Alibaba Group Holding Ltd, China's largest e-commerce firm, has set up a joint venture with Russian Direct Investment Fund, mobile operator Megafon and internet group Mail.ru.

As part of deal, Alibaba will own 48% of AliExpress Russia. However, the other three companies will have a combined 52% stake in the e-commerce platform after contributing cash, shares and other assets.

The companies said, "By partnering with Russia's leading consumer internet platform, AliExpress Russia will leverage Mail.ru Group's 100 million internet users across its social media, messaging, e-mail and online games properties."

Michael Evans, Alibaba Group President, said, "Our experience in China and other markets around the world makes us uniquely qualified to help build the future infrastructure of commerce in Russia and neighboring countries."