India’s Civil Aviation Ministry Thursday ruled out plans to divest its equity stake in cash-strapped and debt-ridden national carrier Air India. “There is no plan of disinvestment in Air India or to bring an Initial Public Offering in the near future by the government,” India’s Civil Aviation Minister Vayalar Ravi says.

A $70 million joint-venture maintenance, repair and overhaul facility recently completed at the Hyderabad International Airport will be operational in November. MAS-GMR Aerospace Engineering is a joint venture of Malaysian Aerospace Engineering Sdn. Bhd, a subsidiary of Malaysian Airline System (MAS), and GMR Hyderabad International Airport Ltd., a subsidiary of GMR infrastructure Ltd. in India.

India may soon allow foreign carriers to take an equity stake in domestic airlines to help the sagging aviation industry in the country. The Department of Industrial Policy & Promotion (DIPP), the nodal agency on Foreign Direct Investment policy, has presented a proposal to the government to let foreign airlines invest in the country.