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Indian Railways (IR) has been going through a resource crunch and is unable to even commence work on its already sanctioned projects. Many of these projects have been sanctioned on socio-economic considerations. This has called for finding innovative and creative means of financing the projects. IR has attempted Public Private Partnership in certain sectors like manufacturing rolling stock, new lines, electrification etc. For networked complex projects especially in transport sector, the projects are interlinked with other projects and revenue generation streams. For fairness and equity, the performance metrics for such projects should be delinked and should be independent. The case study discusses the case of the port connectivity project of Pipava and explains the challenges and issues faced in its implementation and the lessons learnt by IR. The different kind of PPP arrangements can be analyzed with the risks associated with it. It analyses the stages of the projects when the different risks occur and infers that most of these risks can be attributed to information asymmetry at the beginning of the project. Measures to address this transparently can enhance the probability of success of the project. The case can be used in the project management, procurement management and operations strategy course to understand the risks in PPP's and the dos/don'ts for successful project execution in the Government sector in the developing countries. The Indian Railway context is representative of the developing countries and emerging markets which is characterized by resource constraint and the need for private capital infusion. The case brings out the fact that the socio-economic and political dynamics have an impact on the project at various stages and requires stakeholder engagement.