MOSCOW, June 5. /TASS/. The Russian Direct Investment Fund (RDIF), the Chinese online giant Alibaba, MegaFon and Mail.ru signed the final agreement on establishment of the joint venture in Russia and CIS, press service of RDIF says on Wednesday.
The parties have got an approval from the Russian antimonopoly watchdog and will launch the largest joint venture in the social commerce sphere in Russia and CIS for the purpose of integrating key Russian consumer Internet and e-commerce platforms, the Fund says.
In September 2018, RDIF, Alibaba Group, MegaFon and Mail.ru Group announced plans to set up the largest e-commerce joint venture in Russia and CIS countries branded AliExpress Russia. Alibaba Group will add its current business AliExpress in Russia and the Russian part of Tmall platform in the joint venture. It will also be investing in the JV in the future. MegaFon will sell its 10% stake in Mail.Ru Group to Alibaba Group in exchange for a stake in AliExpress Russia. Mail.ru Group, in turn, will transfer its e-commerce business Pandao to the joint venture, cash, as well as distribution in the format of integration with the products of Mail.ru Group.
MegaFon will hold 24.3% in the joint venture, RDIF will have 12.9%, and Mail.ru - 15%.