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UPDATE 1-Russian state fund RDIF plans to invest in Yandex taxi business
December 5, 2017 / 4:36 PM / 11 days ago

UPDATE 1-Russian state fund RDIF plans to invest in Yandex taxi business

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MOSCOW, Dec 5 (Reuters) - The Russian Direct Investment Fund (RDIF) plans to invest in Yandex’s ride-sharing unit Yandex.Taxi and will partner with China’s Alibaba in investing in other internet projects in Russia, the state fund’s CEO said on Tuesday.

“We will announce in the nearest future investments in the Yandex.Taxi company as well as investments in a number of our internet portals with the aim of expanding their operations abroad,” Kirill Dmitriev told Russian President Vladimir Putin.

The fund plans to invest together with Alibaba in the logistical infrastructure of the Internet in Russia, Dmitriev also said, according to a transcript of the meeting published on the Kremlin’s website. He gave no details.

Alibaba has recently launched its e-commerce platform Tmall in Russia as part of its popular online shopping site AliExpress.

The Chinese company is also in preliminary talks with Russia’s largest electronics retailer M.video about possible cooperation, M.video said last month.

Yandex, the “Google of Russia”, and Uber earlier agreed to combine their Russian ride-sharing businesses, with Yandex taking the bigger stake in the venture. (Reporting by Maria Kiselyova; Editing by Gareth Jones)

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