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Indonesia's Lippo Group to invest US$500m in new online retail platform
[JAKARTA] Indonesian conglomerate Lippo Group said on Wednesday it plans to invest US$500 million over the next two to three years in a new online retail platform targeting the fast-growing domestic market, hoping to be "the Indonesian version of Alibaba".
Lippo hopes that the business can achieve sales of US$1 billion within one to two years after the launch, director John Riady told reporters.