Teaching note for case 215007. It is May 2014 and construction of road NH-34 has been fraught with difficulties, but HCON CEO Arjun Dhawan can see the light at the end of the tunnel. Land acquisition is finally nearing completion throughout the entire stretch, and one parcel is almost ready to begin tolling and generating revenue. HCON has been approached with three offers to sell the road. Which should he take? This case is designed to introduce students to public-private partnerships (PPPs) in the emerging market context. It does so by highlighting a particular highway construction project and depicting it from the perspective of a private developer.