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.

He says the government is currently focused on bringing the airline “back on track.” Ravi says a panel of ministers led by Finance Minister Pranab Mukherjee is working out the financial restructuring and turnaround plan of the airline and will meet on Oct. 27 to assess the state-run carrier’s performance. The meeting was earlier planned for Oct. 22.

The ministers are likely to discuss whether the unprofitable airline should go ahead with an order for 27 Boeing 787s just as the U.S.-based airframer prepares to deliver the first aircraft after a delay of more than three years.

The 27 aircraft are part of a total of 111 airplanes ordered by Air India and the former Indian Airlines from Boeing and Airbus. Air India ordered 68 airplanes from Boeing in December 2005, and Indian Airlines ordered 43 aircraft from Airbus in February 2006. Air India and Indian Airlines were merged in 2007 to form Air India Ltd.

Air India’s outstanding debts total 432 billion rupees ($9.5 billion), according to figures presented by the aviation minister to parliament in August.

The Indian government has injected 25 billion rupees in the carrier in the past two fiscal years, and has assured the airline it will receive another 12 billion rupees this fiscal year through March 2012 to improve its finances.