In a notable turn of events for Pakistan’s aviation sector, Karachi traders have expressed a keen interest in acquiring Pakistan International Airlines (PIA), as revealed by Sindh Governor Kamran Tessori.

This development comes as the government seeks to privatize the struggling national carrier.

Governor Tessori announced on Sunday that local traders are eager to take control of PIA for a year, with ambitions to launch a new airline. “They are serious about making this happen and want to revitalize the aviation sector,” he stated, highlighting the potential for innovation in the industry.

In addition to discussing PIA, Tessori voiced support for the Punjab government’s proposal for a new airline called “Air Punjab.” He emphasized that the introduction of new airlines could significantly boost job opportunities across the country.

This interest from Karachi traders follows an indication from the Khyber Pakhtunkhwa government, which has also shown interest in the PIA privatization process. The KP Investment Board has reached out to Federal Minister for Privatization Abdul Aleem Khan to signal their intention to participate in the bidding.

Adding to the conversation, Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif mentioned that his daughter, Punjab Chief Minister Maryam Nawaz, suggested acquiring PIA and rebranding it as ‘Air Punjab.’ He noted that she sought his advice on taking over the airline to establish a new identity.

The bidding process for PIA’s privatization is underway, with only one bid of Rs10 billion ($36 million) submitted for a 60% stake in the airline. Despite six groups being pre-qualified in June, only Blue World City, a real estate development firm, took part in the bidding, offering a sum below the government’s minimum price of Rs85 billion.

As discussions continue, the future of PIA hangs in the balance, with stakeholders eager to reshape the landscape of Pakistan’s aviation industry.