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Business deals

Alibaba takes joint venture route to Russia expansion

Chinese e-commerce leader looks to tap partner's 100 million internet users

Alibaba Group executive chairman Jack Ma, left, and Russian Direct Investment Fund CEO Kirill Dmitriev attend a signing ceremony on the sidelines of the Eastern Economic Forum in Vladivostok on Sept. 11.   © Reuters

VLADIVOSTOK, Russia (Reuters) -- 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 during Russia's Eastern Economic Forum on Tuesday.

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