Alibaba locates potential in Beidou system

E-commerce giant Alibaba Group Holding Ltd is set to join with the country's largest defense equipment manufacturer to promote the Beidou satellite navigation system for civilian use, insiders said.

Numerous reports on Monday said the cash-flush Alibaba Group has added to its latest investment spree by inking a deal with State-owned China North Industries Group Corp for a joint venture based on the Beidou system.

The project has registered capital of 1 billion yuan ($160 million), according to Dazhihui News Agency, an organization affiliated with stock market consultancy Shanghai DZH Ltd.