China’s e-commerce giant Alibaba Group Holding is setting up a US$2 billion joint venture with Kremlin-backed fund, telecom company MegaFon and billionaire Alisher Usmanov’s internet firm Mail.ru Group to expand its e-commerce business in Russia, according to a joint statement released yesterday. Alibaba will contribute an undisclosed amount of money and fold its existing businesses such as online marketplaces AliExpress Russia and Tmall into the venture. Upon completion of the transaction, Alibaba will own 48% of AliExpress Russia, while MegaFon …

Alibaba Sets Up $2B JV With Kremlin-Backed Fund, Billionaire Usmanov’s Mail.ru appeared first on China Money Network.