Pakistan, Dec. 23 -- The Arif Habib Group consortium has acquired the national airline, Pakistan International Airlines (PIA), for PKR 135 billion, marking a major step in the airline's privatization process.

The privatization bid process is being conducted in stages. Privatization Commission Adviser Muhammad Ali said the government's goal is not merely to sell PIA, but to revive it, strengthen its operations, and attract investment into the country.

According to the adviser, the government hopes PIA will regain its former stature. Today, 75% of the airline's shares were put up for bidding, with 92.5% of the proceeds earmarked for improving the airline. Payments will be made in two parts: two-thirds upfront and one-third later. Bidders ...