Alibaba Group plans a fully owned e-commerce company in India this fiscal year

New Delhi, September 5 () Alibaba Group plans to launch the first full-property e-commerce business this fiscal year in India through its subsidiary UCWeb, a company official said Thursday.

UCWeb vice president of global business, Huaiyuan Yang, said the company's planned foray into the e-commerce space will not have an adverse impact on Paytm, in which Alibaba has a 30.15 percent stake.

Alibaba Group owns a 3 percent stake in Snapdeal.

We have the Alibaba e-commerce gene in us. Actually, we are trying to start an innovative business model related to electronic commerce. We are going to launch a new e-commerce product in India this year, Yang said outside Alibaba. Philanthropy Forum

UCWeb UC Browser has been available in India since 2009. It claims to have registered 1,100 million user downloads worldwide (excluding China) with half of its global facilities from India. It also claims to have 130 million monthly active users in the country.

When asked about the likely impact of UCWeb's incursion in electronic commerce in Paytm's business, Yang said: Electronic commerce is a very large business. There are several parts of the e-commerce business and various products. UC will choose the section according to our business. We will partner with the right players and not compete with them (Paytm). UCWeb also has plans to start selling movie tickets online, he said. PRS BAL