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The Arif Habib Consortium has confirmed that Fauji Fertiliser Company Limited has formally joined its group following the successful acquisition of a 75% majority stake in Pakistan International Airlines for Rs135 billion.
In a statement issued on Thursday, the consortium said Fauji Fertiliser will strengthen the airline through financial backing and corporate expertise. It also confirmed that the company will take part in the airline’s management structure alongside the Arif Habib Consortium.
The consortium announced plans to invest Rs 125 billion in the first year. The funds will support upgrades to ground operations and overall passenger services. It also aims to expand PIA’s operational fleet from 18 aircraft to 62 in phases.
Earlier, Adviser to the Prime Minister on Privatisation Muhammad Ali told Reuters that the government expects the new owners to take operational control by April, subject to regulatory approvals.
The transaction has now entered the final approval stage. The Privatisation Commission board and the federal cabinet are expected to clear the deal within days. Contract signing may occur within two weeks, and financial close is planned for 90 days to meet legal and regulatory requirements.
Read: Arif Habib Consortium to Expand PIA Fleet to 64 Aircraft After Privatisation
Ali said the structure focuses on reviving the airline rather than a simple transfer of ownership. He stressed that the government wanted to avoid a sale that leaves the airline financially unstable.
PIA Auction Highlights
The auction marked Pakistan’s first major privatisation in nearly two decades. It comes amid pressure to reform state-owned enterprises under a $7 billion programme with the International Monetary Fund.
Consortia led by Arif Habib and Lucky Cement qualified for the open bidding stage after exceeding the Rs100 billion reference price. Private airline Airblue exited the process after submitting a bid of Rs26.5 billion.
During open bidding, the Lucky Cement–led consortium raised its offer multiple times. Arif Habib ultimately secured the deal with a final bid of Rs135 billion, narrowly surpassing Lucky Cement’s Rs134 billion offer.
Opposition Pushback
The opposition alliance Tehreek Tahaffuz Aiyeen-e-Pakistan has rejected the privatisation, calling the process rushed and lacking transparency. The group said it does not recognise the transaction and warned that future governments could review the deal.
In a policy statement, the alliance described PIA as a national asset built through public funds and decades of collective effort. It argued that any sale without parliamentary oversight, public mandate and constitutional legitimacy is unacceptable in political and moral terms.
Despite opposition criticism, the government maintains that the transaction will inject fresh capital, improve efficiency and mark a key step in broader economic reforms.
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