Fauji Fertilizer Company (FFC) has joined the race to buy the Pakistan International Airlines (PIA), a private TV channel reported on Monday.
As per the report, the FFC on Monday submitted its letter of interest, three days before the deadline set by the government for the auction of the airline.
Meanwhile, the FFC board has approved the economic survey of the airline.
51 per cent to 100 per cent shares in the PIA are for sale. The purpose of the privatization is to introduce reforms in the loss-making entities.
Last year, the first attempt to privatize the national flag carrier had failed to materialize after the Blue World City offered only Rs 10 billion while the minimum rate had been set at Rs 85 billion.
Incorporated in Pakistan as a public limited company, FFC is engaged in the manufacturing, purchasing, and marketing of fertilizers and chemicals.
The company also undertakes investments in other fertilizer, chemicals, cement, food processing, energy generation, and banking operations.
On the other hand, PIA is a full-service airline. In the last financial year, PIA served approximately 4 million passengers across 30 destinations, carrying out 268 flights per week.
