The Russian Sberbank and the to form joint ventures in the transport, food,

FILE PHOTO: A man takes a picture of the logo of the Russian bank, Sberbank, on a display screen during a session of the Pc. The saint-Petersburg International Economic Forum (SPIEF), Russia, June 6, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) – the Russian Sberbank and the company in the internet she said Thursday it signed a letter of intent for the launch of a joint platform for the transport and the food of the “last mile” delivery to the player.

The platform is based on the Delivery of the Club and of Citymobil is to be valued at over 100 billion rubles ($1.58 billion), it said in a statement.

Sberbank and the Group plans to invest 64 billion of rubles share in the joint venture, which will operate in the market, with a value of more than 1 trillion rubles, combined-in over the next three years.

Russia will be confronted with a boom in the sales of the companies, taxi services, clothing, and food. The new joint venture will have to compete with Yandex.A Taxi, a joint venture between Russia’s largest internet search engine Yandex and the U.S. online taxi service Uber.

A mobile phone operator, Megafon has consented to the sale of its interest in the Mail.Ru China’s Alibaba Group Holding Ltd., as part of a deal to secure a 24.3% of the AliExpress-Russia joint venture company, an online retailer.

Reporting Nadezhda Tsydenova and Anna Rzhevkina; editing by Katya Golubkova and Jason Neely

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