Islamabad, Dec. 21 -- Pakistan International Airlines (PIA) has faced a significant setback in its privatisation process after Fauji Fertiliser Company Ltd formally withdrew from the bidding for a 75 per cent stake in the country's national carrier, just ahead of the deadline to submit sealed bids.

According to Geo News, citing a report by The News, officials from the Privatisation Commission said Fauji Fertiliser did not deposit the required earnest money on Saturday, the final submission date, and has informed the commission of its decision to opt out.

With its exit, three prequalified bidders remain in the race and are set to submit sealed bids by December 23.

The remaining bidders include Airblue (Pvt) Ltd; a consortium led by Luck...