Pakistan's government airline company Pakistan International Airlines (PIA), which was waiting for a buyer for a long time, has finally found a buyer. The special thing is that this purchase is by a foreign Pakistani group only. The group has proposed to buy PIA for more than Rs 130 billion. According to PTI news, this information has come to light quoting the report of Express Tribune newspaper. The overseas Pakistani group has also talked about settling the airline's debt of Rs 250 billion.
Promise not to fire employees
According to the news, the group had initially bid Rs 125 billion and later increased the proposed amount to Rs 130 billion. The group, named Al Nahang, has reportedly sent a formal proposal via email to the privatization, aviation and defense ministers, outlining its vision to revive PIA. The group has promised not to fire PIA employees. Also, a phased plan of doubling the salary in 30 pay periods has been introduced.
Will not be sold at throwaway prices
The foreign Pakistani group in its proposal has also talked about adding modern aircraft to PIA's fleet and developing the airline as a maintenance center for other airlines. The development comes after a local Pakistani group offered just Rs 10 billion to buy the airline, much lower than the minimum price of Rs 85 billion set by the government to sell PIA. Seeing this the process was stopped. Aviation Minister Aleem Khan said that the national asset will not be sold at throwaway prices.
All Pakistani airlines were banned
It is reported that Pakistan's civil aviation authorities have finalized the plan to restore operations of Pakistani airlines in European countries. The proposal, which aims to address the concerns that led to the initial sanctions, will be presented to European authorities. In July 2020, all Pakistani airlines, including PIA, were banned in Europe and the UK due to a scandal involving dubious pilot licenses. A meeting of the European Aviation Safety Committee is scheduled to begin in Brussels on November 19, 2024, which is expected to discuss the possible resumption of Pakistani airlines, including national carrier Pakistan International Airlines, in European airspace.
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