Lahore (HRNW)- Despite the passage of six months since the privatization of Pakistan International Airlines (PIA), the transfer of management control to the buyer consortium has yet to be completed.<\/p>\n
According to sources, control of the national airline was originally scheduled to be handed over to the buyer consortium on May 25. However, the process is now expected to be finalized by the end of June.<\/p>\n
Sources stated that the primary reason for the delay is the non-timely issuance of various local and international No Objection Certificates (NOCs). Bureaucratic delays reportedly slowed the approval process, while under the privatization agreement, the consortium was required to deposit Rs85 billion with the Privatization Commission after receiving the necessary NOCs.<\/p>\n
A spokesperson for the Privatization Commission said that the process of obtaining both domestic and international approvals is continuing. According to the spokesperson, more than 40 NOCs were required in total, and most of them have already been secured.<\/p>\n
The spokesperson added that the remaining approvals are expected to be issued within the next few days. The buyer consortium has assured authorities that the payment of approximately Rs83 billion will be made immediately after the NOC process is completed.<\/p>\n
Officials remain optimistic that the management of PIA will be formally transferred to the buyer consortium by the end of June, marking a significant milestone in the airline\u2019s privatization process.<\/p>\n
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