June 5, 2019 / 3:15 PM / 6 months ago

China's Alibaba to invest $100 million in Russian e-commerce JV

FILE PHOTO: The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China July 20, 2018. REUTERS/Aly Song

MOSCOW (Reuters) - China’s Alibaba and Russia’s RDIF sovereign wealth fund will each invest $100 million (78.75 million pounds) in a Russian joint venture, RDIF said in a statement on Wednesday.

RDIF also has an option to buy a further $194 million worth of shares in the joint venture from Alibaba, it said after definitive documents for the joint venture were signed in Moscow.

Russian mobile phone operator Megafon will sell a stake of 9.97% in internet group Mail.ru to Alibaba and get 24.3% in the JV, while Mail.ru will contribute its Pandao e-commerce business to the JV and $182 million in cash.

Reporting by Vladimir Soldatkin; writing by Maria Kiselyova; editing by Tom Balmforth

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