The govt will prepare a list of options on how to deal with Air India’s massive debt before taking the next step towards privatisation of the carrier. The decision was taken at a meeting of the group of ministers (GoM) led by finance minister Arun Jaitley Friday, a person familiar with the subject said. The aviation ministry, in consultation with the finance ministry, is expected to present “various options” in the next meeting of the GoM. Air India has a debt of about INR300b, excluding aircraft loans, which needs to be taken care of before it can seek bids, the same person said. Most of this debt is owed to public sector banks led by State Bank of India. The lenders have declined to pick up an equity stake in the airline in lieu of the debt. <br/>