Fauji Fertilizer Company Limited (FFC) has joined an Arif Habib Corporation-led consortium that has formed a new special purpose company, PIA Equity Limited, as part of the ongoing privatization process of Pakistan International Airlines (PIA).

According to a statement, the newly created entity has been set up to acquire 100 percent ownership of the national carrier and to serve as the central structure for managing the transaction and future operations.

Alongside FFC, the consortium includes Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, Lake City Holdings, AKD Group, and The City School Group, bringing together a mix of institutional and private investors.

Officials said the formation of PIA Equity Limited is aimed at consolidating the acquisition under a single platform, allowing coordinated ownership and a unified strategy for the airline’s restructuring and management after privatization.

The consortium is currently working with the Privatisation Commission to complete the transaction, marking a significant step forward in the government’s plan to offload the national flag carrier.