New Delhi: Pakistans state-owned airline Pakistan International Airlines (PIA) has been auctioned. The Arif Habib Group has acquired PIA for Rs 4320 crore. The Pakistani government had estimated Rs 3200 crore for the airlines sale but received Rs 1320 crore more. An open bidding round was underway between the Arif Habib Group and the Lucky Cement Group. The Lucky Cement Group was only able to bid up to Rs 4288 crore. There Were Three Contenders For The Airline There were three contenders for the airline: a business group led by Lucky Cement a group led by Arif Habib Corporation and private airline Airblue. All three groups submitted their bids in sealed envelopes for the first round. Arif Habib Group had submitted a bid of Rs 3680 crore Lucky Cement had submitted a bid of Rs 3248 crore and Airblue had submitted a bid of Rs 848 crore. Airblue subsequently withdrew from the race. Government Sells 75% Stake in PIA Pakistan facing a financial crisis had decided to sell a 75% stake in PIA. December 23 was the last day for bid submissions. These bids were submitted in sealed envelopes and the entire event was broadcast live on state television. Just two days before the deadline Fauji Fertilizer Private Limited (FFPL) a fertilizer company affiliated with the military withdrew its bidding leaving only three bidders in the race. The Companies Placed Their Bid Envelopes In A Transparent Box At the event held in Islamabad representatives from all three groups arrived one by one and placed their envelopes in a transparent box. These envelopes were opened at 5:30 pm. Prime Minister Shehbaz Sharif stated on this occasion that the government has made the entire process clear and transparent so that no one has any doubts. He stated that this deal could be the largest privatization deal in Pakistans history. He expressed hope that it will benefit the country and give PIA a new lease of life.