The government has informed the National Assembly that it has decided to privatize 24 state-owned institutions, a process that will be carried out in three phases. The list was approved by the Cabinet Committee on Privatization during a meeting held on August 2, 2024.
According to the Ministry of Privatization, the institutions have been divided into the following phases:
Phase 1 (Privatization Within One Year)
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Pakistan International Airlines (PIA)
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First Women Bank
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House Building Finance Corporation
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Agricultural Development Bank
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Pakistan Engineering Company
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Islamabad Electric Supply Company
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Gujranwala Electric Power Company
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Faisalabad Electric Supply Company
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Sindh Engineering Limited
Phase 2 (Privatization Within 1 to 3 Years)
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State Life Insurance Corporation
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Pakistan Reinsurance Company
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Central Power Generation Company
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Jamshoro Power Company
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Northern Power Generation Company
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Lakhra Power Generation Company
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Lahore Electric Supply Company
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Multan Electric Power Company
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Hazara Electric Supply Company
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Hyderabad Electric Supply Company
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Peshawar Electric Supply Company
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Sukkur Electric Supply Company
Phase 3 (Privatization Within 3 to 5 Years)
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Postal Life Insurance Company
Details Regarding PIA and the Roosevelt Hotel
In response to a question from National Assembly member Bashir Khan, the Parliamentary Secretary stated that the privatization of PIA is expected to be completed by October or November 2025.
Defense Minister Khawaja Asif added that the government is seeking a strategic partnership for PIA. However, if a suitable partnership cannot be secured, the Roosevelt Hotel in New York, owned by PIA, may be sold outright.
According to a recent privatization report, a total of 25 government institutions are currently being prepared for privatization, with the Roosevelt Hotel listed as a top priority. The list also includes several power generation companies and insurance firms.
