China’s Alibaba Group Holding Ltd has set its eyes on the Indian e-commerce market, and plans to launch a fully-owned business in the country through its subsidiary UCWeb.
Quoting a senior company official, a PTI report said that the new business plan is not going to be conflicting with Paytm, in which it owns a 30.15 per cent stake. Paytm operates e-commerce business under Paytm Mall. Alibaba also owns a 3 per cent stake in another Indian e-commerce player, Snapdeal.
