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 seeks flexible ways to expand its aviation industry, which is soon expected to be among the top five in the world. “Innovative and flexible business modules may be evolved, enabling greater connectivity between countries to promote people-to-people contacts, as well as trade and business,” India’s president, Pratibha Patil, says.