The government’s push to privatize Pakistan International Airlines (PIA) has drawn significant interest from prominent local players, signaling strong momentum behind the long-delayed divestment of the national flag carrier.

According to a report by Bloomberg, Airblue and travel industry leader Gerry’s Group have officially confirmed their participation in the bidding process. Their managing directors, Aslam Chaudhary and Akram Wali Muhammad, stated they plan to bid for a 51% to 100% stake in the struggling airline.

Additionally, two major business figures—Muhammad Ali Tabba and Arif Habib—have formed separate consortia to compete in the privatization effort. Arif Habib’s group includes Fatima Fertilizer, Lake City, and The City School.

A major competitor is also emerging in the form of the Yunus Brothers Group, one of Pakistan’s largest conglomerates. Their consortium reportedly features Mega Group, Kohat Cement, and Metro Group.

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Earlier, Fauji Fertilizer had also submitted its expression of interest ahead of the government’s submission deadline.

The privatization of PIA is a key component of the government’s ongoing economic reform agenda tied to the International Monetary Fund (IMF) loan program.

A previous attempt to sell PIA last year failed to generate sufficient interest, receiving only one bid from Blue World City, which fell well short of the government’s minimum valuation of $300 million.

In response, the authorities revised the offer terms to make it more attractive. Key improvements include tax exemptions on aircraft purchases, debt relief, and government guarantees against certain legal and tax liabilities.