India, April 3 -- In the post-reforms period, the public sector grew, and faltered. In the latter case, across many sectors, the private groups profited from the decline and demise of the state-owned firms. However, there may be a unique case when private revenues bolstered the public profits. Adani Airports, which was recently in the news because of the hype about massive expansion, and forthcoming IPO (Initial Public Offering, and is part of one of the fastest-growing private groups, may have aided and abetted the profitability of the state-owned Airports Authority of India (AAI). Unlike many public sector firms, AAI gained from the former.

According to AAI's 2024-25 annual report, which was released recently, lease revenues from airpo...