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In this paper, the writers examine different investment mechanisms for transportation infrastructure projects involving the private enterprise in developing countries. Roles identified vary from those of a financier to an operator for successful public-private ventures. A case study involving such a joint venture in India, the Mumbai-Pune Expressway/National Highway 4 is presented, and fiscal implications of the program, both from the perspective of the public and the private enterprise, are examined. The study concludes that if properly planned, joint ventures can be mutually beneficial. A joint public-private program may enable the public agency to use the resources saved for other public projects. It also provides the private agency an opportunity to invest funds in a profitable enterprise that yields social benefits, (e.g., improving mobility, promoting economic development, etc.). Careful analysis must be conducted before the project is undertaken to assess the financial and economic implications of the project from each participant’s viewpoint, with due regard to risks and uncertainties associated with such long-term investments. [ABSTRACT FROM AUTHOR]