Islamabad (Web Desk): Pakistan’s long-awaited plan to privatise its national flag carrier has entered a crucial phase, as the bidding process for Pakistan International Airlines (PIA) has formally commenced.
Three bidders that had earlier cleared the qualification stage have now submitted their offers, effectively concluding the initial stage of the privatisation exercise.
This progress is being seen as a key moment in the government’s economic reform drive, which aims to attract offers above Rs100 billion in exchange for majority ownership of the airline.
Officials disclosed that the contest involves three leading Pakistani business entities. These are Airblue, the Arif Habib Group, and a consortium spearheaded by the Lucky Cement Group, all vying to take control of the struggling carrier.
As outlined in the privatisation plan, the government is seeking to offload 75 percent of PIA’s equity, a move intended to transfer management control to the private sector while reducing the state’s financial exposure to the airline.