Al-Nihang group shows interest in buying PIA

An overseas Pakistanis' group, Al-Nihangs, has express intention to buy the Pakistan International Airlines (PIA). According to reports, Al Nihangs Group has offered PKR 100 billion for the entire shareholding in the airline.

The group, in its offer letter written to Pakistan's Minister of Privatisation, Minister of Aviation and Minister of Defence, outlined its proposal to acquire complete ownership of the PIA.

The group has also committed not to lay off any employees, instead offering a 100% increase in salaries over 30 months.

Al-Nihangs also briefed about their business plan, which includes introduction of modern aircraft to PIA’s fleet.

The group has also proposed establishing PIA as an engineering and maintenance hub for other airlines.

It may be mentioned here, the Khyber Pakhtunkhwa government also expressed interest in acquiring PIA stake.

Punjab Chief Minister Maryam Nawaz also talked of acquiring PIA and rebranding it as ‘Air Punjab.’

Last month, the Privatisation Commission received single bid of PKR 10 billion ($36 million) from Blue World City for a 60% stake in Pakistan's national airline.

Despite pre-qualifying six groups in June, only Blue World City, a real estate development company, participated in the bidding process. Their bid was significantly below the government-set minimum price of PKR 85 billion.

Nukta couldn't contact Privatization Commission's spokesperson despite several attempts.