Baku, August 24, AZERTAC
China North Industries Group Norinco Group and ecommerce giant Alibaba set up a joint venture to provide location-based services using Beidou's satellites system on Tuesday.
The Shanghai-based new joint venture, Qianxun Location Network, has a registered capital of two billion yuan ($310 million), with each company holding 50 percent.
It is reported that the new venture is aimed to promote Beidou's services to companies and developers.
BDS is one of the world's biggest navigation systems, along with American-made GPS, Russia's GLONASS, and Galileo from the European Union.
Galileo is not expected to become commercially operational until next year. India is also working on its Indian Regional Navigation Satellite System.
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