In a significant development, overseas Pakistani conglomerate Al-Nihang has proposed a Rs. 100 billion offer to acquire Pakistan International Airlines (PIA). In a letter to the federal government, Al-Nihang outlined its plan to assume full ownership of the national carrier and address its financial challenges.
The group has pledged to clear PIA’s existing debt of Rs. 250 billion and has committed to retaining the entire workforce, promising a 100 percent salary increase over the next 30 months. Al-Nihang also aims to modernize PIA’s fleet with new aircraft and transform the airline into an engineering and maintenance hub for other carriers.
This offer comes amid other expressions of interest in PIA. Last week, the government of Khyber Pakhtunkhwa indicated its interest in purchasing the airline. Additionally, former Prime Minister Nawaz Sharif revealed that Punjab Chief Minister Maryam Nawaz had suggested acquiring and rebranding the airline as Air Punjab.
In another bid, real estate developer Blue World City has offered Rs. 10 billion for a 60 percent stake in PIA. The federal government has set a minimum price of Rs. 85 billion to offload the debt-laden enterprise.
These developments highlight the growing interest in revitalizing PIA, as stakeholders explore various options to restore the airline’s financial health and operational efficiency.