(Bloomberg) -- Pak Ethanol Pvt. said a consortium it’s leading to buy a majority stake in Pakistan’s flagship air carrier includes several global aviation firms.

Members of the consortium bidding for Pakistan International Airlines include Switzerland’s Swiss Aviation Group AG, Austria’s Airport Competence GmbH, Australia’s Pearl Asset Management, as well as Pakistan’s Serene Air and Air Sial Ltd., the ethanol maker said in a statement Saturday.

Pakistan has sought bids to sell a majority stake in the carrier, which has failed to make a profit in almost two decades. The sale is a step toward the government’s goal to undertake economic reforms agreed with the International Monetary Fund for a bailout and Pakistan’s intentions to seek a new loan from the lender by July. 

Prime Minister Shehbaz Sharif, who returned to power in March, has said it’s not sustainable for the government to bail out the loss-making airline. 

“We are confident that this unique blend of national and international collaboration will enable us to restore PIA to its former glory, ensuring it remains a symbol of national pride and a leader in the global aviation market,” Pak Ethanol said in the statement. 

Pakistan’s Privatisation Commission has said it received eight expressions of interest in the stake sale, including from the consortium led by Pak Ethanol. 

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