Who will buy Pakistan International Airlines: Meet the 4 bidders who could end up owning this 70-year-old airline
July 13, 2025
As the contest narrows to just four options, we now know who will buy Pakistan International Airlines (PIA), or at least a short list of the potential candidates.
As part of an aggressive restructuring and privatisation effort backed by the International Monetary Fund (IMF), the government of Pakistan has shortlisted four contenders to acquire a controlling stake in the 70-year-old airline.
The shortlisted bidders, all approved by the Privatisation Commission earlier this month, represent a mix of industrial, financial, military-linked and aviation interests. Each has been cleared to take a 51% to 100% stake in PIA, with the final sale expected to conclude later this year.
1. Lucky Cement-led Consortium
At the top of the shortlist is a heavyweight industrial alliance comprising Lucky Cement, Hub Power Company, Kohat Cement, and Metro Ventures, all part of the Yunus Brothers Group.
With a diverse portfolio spanning cement, power, and infrastructure, this consortium brings deep domestic capital and management capability. Its involvement suggests a strong local commitment to PIA’s revival, backed by long-term investment capacity.
2. Arif Habib-led Consortium
This bid is being driven by Arif Habib Corporation, a financial powerhouse in Pakistan, alongside Fatima Fertilizer, The City School, and Lake City Holdings.
The group blends financial strength, education-sector management, and real estate development, offering a unique strategic perspective. Their bid is expected to focus on modernising PIA’s commercial operations and improving financial discipline.
3. Fauji Fertilizer Company (FFC)
A familiar name in Pakistan’s corporate-military sphere, FFC is backed by the Fauji Foundation, which is managed by retired officers from the Pakistan Armed Forces.
With strong links to key state institutions and a reputation for corporate governance, FFC’s bid could offer stability and alignment with government priorities. Its existing logistics and transport holdings make it a natural contender in a complex aviation turnaround.
4. Airblue
The only aviation company on the list, Airblue is one of Pakistan’s leading private carriers.
Founded by former PIA chairman Shahid Khaqan Abbasi, it has first-hand industry experience and a fleet that includes modern Airbus A320s. Airblue’s pitch is expected to lean on operational expertise and a clear understanding of Pakistan’s competitive aviation landscape.
When will we know who will buy Pakistan International Airlines?
There’s still some waiting to do before we find out who will buy Pakistan International Airlines.
Each of the four approved bidders is now undertaking due diligence, with final binding offers due by Q4 2025.
The restructuring has made PIA significantly more attractive, with the government absorbing 80% of the airline’s historic debt and creating a leaner corporate structure under the new PIA Holding Company. This saw PIA report its first profit in two decades earlier this year.
Key international routes, particularly into to the UK and Europe, have either resumed or are planned to, following the lifting of the EU ban. This adds to the attractiveness of PIA as an investment proposition.
The outcome of the sale will not only reshape Pakistan’s aviation landscape but also serve as a regional test case for state-owned airline reform.
After years of losses, debt, and political controversy, PIA’s next chapter is set to begin, one that could see a 70-year-old airline placed in the hands of private enterprise for the first time.
