Islamabad: Al Nahang, an overseas Pakistani group, has proposed a substantial Rs125 billion offer to acquire the struggling national carrier. As part of this proposal, the group has pledged to settle PIA’s massive Rs250 billion debt, providing a potential path forward for the debt-ridden airline.

According to Zameen.Com, Al Nahang’s formal offer, reportedly submitted via email to Pakistan’s ministers of privatization, aviation, and defense, outlines an ambitious plan to overhaul PIA’s operations. The proposal includes a commitment to retain all current employees, paired with a phased salary increase plan that promises to double employee wages over 30 pay periods.

Additionally, Al Nahang has presented a detailed business model for PIA’s future, which emphasizes modernizing the airline’s fleet by adding newer aircraft and transforming PIA into a regional maintenance hub for other carriers.

In a separate development, PIA is actively seeking a new chief executive officer to replace Amir Hayat, whose term has recently ended. An official advertisement invites qualified candidates aged 45-57 years with 20 years of experience managing large corporations-or at least a decade in aviation management-to apply within 15 days.