Pakistan International Airlines (PIA) has officially been handed over to the consortium led by Arif Habib Corporation, a major step in the government’s ongoing privatization drive. The transaction documents were signed today by representatives of the Government of Pakistan and the consortium, which formalized the transfer of the national flag carrier. The Arif Habib-led consortium will now be responsible for reviving the airline’s operations, modernizing its fleet, and implementing a turnaround strategy to restore profitability and competitiveness in both domestic and international markets. The Arif Habib-led consortium intends to expand PIA’s fleet to 38 aircraft from the current 18 and hire new and skilled personnel to support operations. All this is happening after the federal government last month sold a 75 percent stake in PIA for Rs.