Mumbai Metropolitan Region Development Authority's (MMRDA) Rs.12,000 crore Phase II of the Mumbai Metro has been hit hard due to the ongoing credit crunch. None of seven shortlisted bidders participated in the financial bids which were closed on 13 February 2009. Following this, the bid submission date has been postponed to 16 March.

Earlier MMRDA had to postpone the bidding dates as the cost estimates of the state government for the 32.7 km elevated line was considered as very low by several bidders. Phase II project route stretch from Charkop to Bandra to Mankhurd.

The seven short-listed pre-qualified bidders were GE India-L&T-CA-IDPL consortium, RIL- Siemens-Gammon consortium, Tata Power-Mitsubishi-Tata Realty's Pioneer Infrastructure consortium, GVK-Bombardier-YTL consortium, Essar-Alstom consortium, IL&FS-Soma Constructions-Punj Lloyd consortium and Anil Ambani-led Reliance Power jointly with Canadian firm SNC Lavalin for the second stretch.

The bidding process for Metro phase II started in mid-2007. Originally, the bids were to open on 16 December 2008 which was extended to January and thereafter to 13 February 2009.

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