Alibaba forms Norinco alliance
By Gao Yuan | China Daily | Updated: 2015-08-20 08:02
Alibaba Group Holding Ltd stepped up its moves in the location services sector on Wednesday by joining hands with the biggest military equipment maker in China.
The alliance between the e-commerce giant and China North Industries Group Corp, or Norinco, is set to drive the expansion of the home-grown Beidou Satellite Navigation System which is starting to threaten the worldwide dominance of the United States-owned Global Positioning System.
Alibaba and Norinco have set up a 2 billion yuan ($313 million) joint venture in Shanghai to provide high-accuracy location and data analysis services to customers, according to Norinco. Alibaba and Norinco will each hold a 50 percent stake in the company.
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