Federal Minister for Law and Justice Azam Nazir Tarar informed the National Assembly on Thursday that the government is optimistic about receiving better bids in its second attempt to privatize Pakistan International Airlines (PIA) after a previous failed attempt.
During the Question Hour, the Minister emphasized that restoring PIA’s routes to Europe could positively impact the privatization process.
Responding to criticism by Pakistan Peoples Party (PPP) members Naveed Qamar, Abdul Qadir Patel and Shazia Marri regarding the government’s handling of PIA, the minister noted that although the outcome of the bidding process remains uncertain, lessons learned have been incorporated Of the past in the bidding process. Improve your chances of success.
“The last bidding process was technically sound but ran into issues. This time, we have engaged top-tier companies to ensure a smoother process,” Tarar said.
He added that the government will retain a majority stake in PIA, ensuring that any new administration operates within a specific framework.
Earlier, the Blue World Consortium had made a bid of Rs10 billion during its initial privatization bid, much lower than the expected minimum price of Rs85 billion.
The Privatization Commission Board later reviewed and rejected the offer.
Tarar also informed the house that Air Vice Marshal (Retd) Muhammad Amir Hayat has resigned from his position as CEO of PIA Holding Company Limited (PIAHCL), effective December 9, 2024, and has returned to his parent department.