Infrastructure projects, especially in emerging market countries, are critical to the economic and social development of the countries. The identification of key risk factors and their efficient management are critical to the success of such projects. The risk factors are often special in nature in a mountainous terrain. To investigate the same, we have studied the road highway projects in the Indian state of Himachal Pradesh, which is contiguous to the Himalayan mountains. This is a strategically as well as ecologically sensitive area, where the highway infrastructure needs to be developed with a sense of balance and appropriate risk management measures. Our in-depth study, using primary and qualitative research methods, has brought out several key risk factors, including those specific to mountainous terrain. We have used a comprehensive set of data sources including interviews of stakeholders, documents relating to the projects, and project images at the sites. We believe that our study on the road projects in the Himalayan belt is amongst the few major study focussed on the intersection of the risks in a large mountainous terrain and the demands of a fast-developing economy like India. Using our findings, we have made several specific and actionable recommendations to improve the risk management and bankability of the highway projects, especially in the large mountainous terrain and in emerging economies. Our study will inform policymakers, stakeholders, and investors, enhancing risk management and outcomes.