This case describes the planning, construction, financing and operation of the first toll road project in India by IL&FS in collaboration with the Madhya Pradesh State Industrial Development Corporation (MPSIDC) and its regional subsidiary Madhya Pradesh Audhyogik Kendra Vikas Nigam (Indore) Limited (MPAKVN). After initial operations, the project is proposed to be handed over to MP Tolls Limited through the issue of toll bonds by MP Tolls Limited. The proceeds of the toll bonds will be used to partly reimburse the expenses incurred by IL&FS. A hypothetical financial institution, Financial Corporation of India, has to decide whether to subscribe to the toll bonds.