Arif Habib Consortium Deposits Rs 45 Billion to Secure Full Control of PIA

The privatization of Pakistan International Airlines (PIA) reached a definitive milestone today as the Arif Habib Consortium finalized its bid for the remaining 25% state-owned shares. Aiming for a complete takeover of the national carrier by May 2026, the group has deposited Rs 45 billion with the Privatization Commission, meeting the April 28 deadline.

Financial Milestone: Rs 45 Billion Deposited

Arif Habib confirmed that his consortium is now “fully ready” to assume management of the airline. Beyond the multi-billion rupee deposit, the group has submitted a standby letter of credit and a formal bank guarantee to the Privatization Commission. This follows their initial acquisition of a 75% stake in December 2025, signaling a total investment commitment of approximately Rs 180 billion to revitalize the debt-ridden carrier.

The Final Hurdle: FBR Clearances and Aircraft NOCs

The transition hinges on critical regulatory approvals. Today also marked the final deadline for the Federal Board of Revenue (FBR) to issue No Objection Certificates (NOCs) for the PIA aircraft fleet. Habib urged the Privatization Commission to expedite these clearances, emphasizing that prompt fulfillment of government commitments is essential for a smooth operational handover.

Sources indicate that the consortium will likely take formal control in May. The new management plans to:

• Inject Rs 125 billion into immediate fleet modernization.
• Expand the fleet from 18 to 38 aircraft over the coming years.
• Resume direct flights to the UK and Europe following recent safety upgrades.

This privatization is a centerpiece of Pakistan’s economic reform agenda, aimed at ending years of taxpayer-funded bailouts for the “Great People to Fly With.”