The Fauji Fertiliser Company (FFC) has formally joined the Arif Habib Corporation-led consortium that successfully bid to acquire a 75 percent stake in Pakistan International Airlines (PIA) as part of the federal government’s long-awaited privatisation process. FFC’s board of directors approved the move, authorising the company to execute all necessary agreements and documentation with the consortium, the Privatisation Commission, and other parties involved in the transaction.
The Arif Habib-led group was declared the highest-ranked bidder at a televised auction held on December 23, 2025, submitting a winning offer of Rs135 billion for the majority stake in the loss-making national carrier — a key component of Pakistan’s broader economic reform agenda. Alongside FFC and Arif Habib Corporation, the consortium includes Fatima Fertiliser Company, Lake City Holdings, AKD Group Holdings, and The City Schools.
Under the terms of the privatisation framework, companies that withdraw during the bidding process may still join the winning consortium provided they meet eligibility criteria set by the Privatisation Commission. FFC originally withdrew before bid submission but subsequently exercised this option after the consortium’s success.
The transaction remains subject to final regulatory, legal and corporate approvals, including the issuance of a Letter of Acceptance by the Privatisation Commission and completion of requisite agreements among the partners. Once concluded, the acquisition is expected to inject fresh capital, expertise and operational reforms into PIA, which has grappled with financial losses and inefficiencies for years.