X5 Retail Group in e-commerce joint venture

Russia-based X5 Retail Group has signed an agreement to set up a joint venture with bolero.ru and 003.ru internet retailers. X5 received 51% of the joint venture, which is called IT Business, for USD1 million. The group has the right to buy out the remaining 49% of the company from its partners within five years. The venture is expected to sell manufactured goods in Moscow and St Petersburg in the first stage.