New PIA Owners Plan Fleet Revival and Global Partnership After Rs135bn Takeover
The new owners of Pakistan International Airlines (PIA) are moving quickly to reshape the national carrier, with plans to onboard a technical partner and significantly expand the airline’s fleet and operations following the landmark Rs135 billion privatisation deal.
Industrialist Arif Habib, Chief Executive of Arif Habib Corporation Limited (AHCL), said efforts are underway to bring in an experienced airline-level partner to help modernise PIA. He noted that the government still holds a 25% stake, which could later be transferred to a strategic partner if the option is exercised.
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The comments come after an AHCL-led consortium acquired a 75% stake in PIA, offering Rs135 billion, well above the government’s minimum expectations. Under the agreement, Rs125 billion has been earmarked for the airline’s rehabilitation and development, while the government will receive Rs10 billion in cash and Rs45 billion in shares.
Arif Habib revealed that only 14 to 15 aircraft are currently operational due to engine and spare-part shortages. The new management plans to expand the fleet to 38 aircraft within three years, aiming to restore routes and improve service quality.
He also pointed to improving macroeconomic indicators, while stressing that high power tariffs, interest rates, and taxes remain major hurdles to sustainable growth.
