How the PIA privatisation became a train wreck inside a dumpster fire

It started off strange enough. Nearly two weeks ago, a consortium led by Blue World City, the controversial housing society on the outskirts of Rawalpindi, has become the first and only entity to qualify for bidding in the sale of Pakistan International Airlines (PIA). 

Of the six consortiums that were in the running, this was the unlikeliest to emerge as the only contender. Of these six different consortiums pre-approved to bid for PIA, four different airlines were involved including FlyJinnah, AirSial, AirBlue, and Serene Air. However, all five of the consortiums other than the one led by Blue World City have stayed away from the process. 

The Blue World consortium was the least experienced when it comes to the aviation business, although it does include Blue World Aviation, owned by the same family, as well as IRIS Communications Limited. 

Immediately it became clear something was off. Profit reached out to representatives from FlyJinnah, AirSial, and Arif Habib for an answer. All of the individuals contacted declined to answer on the record. One significant bidder did say they weren't speaking now because even though Blue World had seemingly become the only contender, the competition was far from over. 

This became clear in only a few days. The Blue World consortium made a Rs 10 billion bid for a 65% share in PIA, only for the government to demand Rs 85 billion in comparison. Since then, the matter has gone back to cabinet which will deliberate on whether to accept the over or go back to the drawing board. So what happens now?