infrastructure: Cracks are reappearing in the road-construction business. Can Sadbhav Engineering steer past another rocky patch?

Nagarhalla User Fee Plaza, a project by Sadbhav Engineering in Karnataka; courtesy of Sadbhav Engineering

Synopsis

Delays in project execution and payments, financial-closure hiccups, and a credit-market dry spell are creating roadblocks for the company, which was at the forefront of the Bharatmala highways project merely a year ago.

Around three decades ago, when work commenced on the controversial Sardar Sarovar dam project on the Narmada river, Sadbhav Engineering, one of the bidders, was a budding company with some experience in canal building looking to get a toehold in the big-construction business.The Ahmedabad-based company has come a long way to emerge as a formidable player in the road-construction space with a pan-India presence. It was one of the few companies to

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