The federal government on Monday informed the National Assembly Standing Committee on Privatization that Pakistan International Airlines’ (PIA) current workforce of about 6,700 people would be protected, and every effort would be made to retain the maximum number of employees.
A golden handshake option may be offered by the incoming buyer.
The privatization of PIA is expected to be finalized between October – December 2025.
Officials from the Privatization Commission briefed the committee that four parties have been pre-qualified for the transaction. These include the Lucky Cement Consortium, Arif Habib Group, Air Blue, and Fauji Fertilizer Company. Vetting of these groups is set to begin on Tuesday.
Secretary Privatization Commission Usman Akhtar Bajwa said the shortlisted bidders will be granted access to PIA’s virtual data room, and their queries regarding the transaction will be addressed. Efforts are underway to complete the due diligence process within 60 days, instead of the originally planned 60 to 90 days.
The committee directed the Privatization Commission to engage with the chief ministers of Punjab and Khyber Pakhtunkhwa regarding the privatization of the national carrier. Committee Chairperson Farooq Sattar noted that many of the pre-qualified parties had previously shown interest in acquiring PIA.
Officials said the recent reopening of PIA’s Europe route would enhance the airline’s appeal to investors. The Secretary said that PIA’s fleet is expected to increase from the current 19 aircraft to 40 post-privatization.
Representatives of the Privatization Commission said it has proposed retaining staff for at least 18 months and emphasized that no reduction in current employment terms and conditions would be allowed. Existing employee facilities could be improved.
One member complained why the Ministry of Finance reported a Rs 4.6 billion loss for PIA last year despite earlier claims of improved performance. In response, PIA’s CEO said the airline’s financial condition has improved, but failed to provide more details.
Officials added that the group that had bid Rs. 10 billion in the previous round is not among the current pre-qualified parties.
Follow ProPakistani on Google News & scroll through your favourite content faster!
Support independent journalism
If you want to join us in our mission to share independent, global journalism to the world, we’d love to have you on our side.
If you can, please support us on a monthly basis. It takes less than a minute to set up, and you can rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.
