Hyderabad, April 22 -- The Kingdom of Saudi Arabia's Public Investment Fund (PIF) is acquiring a 51 percent stake in Tawal, the largest telecommunications infrastructure company in the country, valued at 5.85 billion dollars (Rs 4,87,76,45,17,500).

The stake was previously owned by the Saudi Telecommunications Company (STC Group).

Subsequently, PIF and STC Group on Monday, April 22, plan to merge TAWAL and Golden Lattice Investment Company (GLIC), forming the largest Middle East company in the telecommunication infrastructure sector.

The new entity will be 54 percent owned by PIF and 43.1 percent by stc Group, with GLIC minority shareholders holding the remaining issued share capital.

The merged entity will become one of the largest g...