Overseas Pakistani business group offers Rs125 billion to buy PIA

An overseas Pakistani business roup has offered to buy Pakistan International Airlines (PIA). The group will take on PIA's Rs250 billion debt and pay Rs125 billion for the airline, marking a step forward in the long-awaited privatisation of the national carrier.

It is the Al Nahang group which sent an email to the authorities, including the Ministry of Aviation and Ministry of Defense, to inform them about the offer.

According to the sources, the group also urged the government not to cut the number of PIA staff, as they will increase their salaries from 30 to 100 percent. 

The Pakistani business group also ensured the best business strategy of inclusion of modern aircraft in the fleet for the national airline and by establishing an engineering and maintenance hub, which will provide services for local and international airlines.

However, the plan of privatising the national flag career was made on demand of the International Monetary Fund (IMF) demand, as the country would not unlock the next programme, if the plan of privatisation did not materialise. 

It has been two months since the government attempted to privatise the entity, but the process has been delayed due to lower-than-expected bidding.