ISLAMABAD: An overseas Pakistani group, Al-Nahang, has made an offer of over Rs 1.25 trillion for the privatization of Pakistan International Airlines (PIA), ARY News reported.
As per details, the group has sent an email to the Minister of Privatization, Minister of Aviation, Minister of Defense, and other authorities, outlining their proposal.
The key points of their offer are;
Debt Settlement: Al-Nahang has offered to pay off PIA’s Rs. 250 billion debts.
No Employee Layoffs: The group has promised not to lay off any employees, instead offering a 100% increase in salaries over 30 months.
Business Plan: Al-Nahang has pledged to implement a robust business plan, including the introduction of modern aircraft to PIA’s fleet.
Engineering and Maintenance Hub: The group has also proposed establishing PIA as an engineering and maintenance hub for other airlines.
The developments came days after Khyber Pakhtunkhwa government expressed interest in participating in the PIA privatization bidding.
According to details, the KP Investment Board wrote to Federal Minister for Privatization Abdul Aleem Khan, expressing its intention to submit a bid.
Earlier, Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif said that Punjab Chief Minister Maryam Nawaz advised him to buy Pakistan International Airlines (PIA) and rebrand it ‘Air Punjab.’
Read more: No objection to provinces’ bid to buy PIA: Aleem Khan
In a statement, Nawaz Sharif said, “Maryam sought advice from me, asking if we should take over the PIA and make it a brand new airline.”
Meanwhile, the final bidding process for the PIA privatization saw just one bid of Rs10 billion ($36 million) for a 60% stake in the national flag carrier.
The government had pre-qualified six groups in June, but only real-estate development company Blue World City participated in the bidding process, placing a bid that was below the government-set minimum price of Rs85 billion.