MUMBAI: After Reliance Infrastructure exited the Mumbai Metro 2 project, the government of Maharashtra has decided to abandon the public-private partnership model and develop the project itself.Earlier this month, Reliance Infrastructure and the government “mutually“ terminated the contract for the second phase of the Mumbai Metro project, which was in limbo for five years. Reliance Infrastructure bagged the project to build-operate-transfer the second phase of Mumbai Metro, which would have connected areas like Charkop, Bandra and Mankhurd in 2009.“The risk-taking appetite of private developers is very low right now and there are no takers for big projects. We will develop this project on our own with some equity financing from the government of Maharashtra, government of India and also some overseas financing,“ UPS Madan, Metropolitan Commissioner, Mumbai Metropolitan Region Development Authority ( MMRDA ), told ET.MMRDA, the nodal agency for the metro rail project in the city, plans to finalise the new proposal for Mumbai Metro project 2 over the next week. In its new avatar, the line would be extended up to Dahisar to connect with Charkop, Bandra and Mankhurd. The new line would be completely underground and would be the most expensive infrastructure project in the city at an estimated cost of Rs 30,000 crore.“Given the financial stress in the infrastructure sector, no major infrastructure company is in shape to take up a project as big as this. We will talk to international lenders and hopefully we can start giving orders to contractors by 2016," Madan added.MMRDA has already invited bids to build Mumbai Metro 3, which will connect Colaba to Seepz via Bandra, but is running behind schedule with work likely to start only after mid-2015 as against an earlier date of end 2013.“The tendering process for Metro 3 is underway but it will take some time. We will work on lines 2 and 3 simultaneously so that they can be started as soon as possible,“ Madan said. Reliance Infrastructure, the company that built Mumbai's first metro rail line connecting Versova-Andheri-Ghatkopar said it had exited the second metro project as the government did not fulfil some contractual obligations.The project was awarded to the Reliance Infrastructureled consortium through an international competitive bidding and the estimated cost of the project was Rs 12,000 core. On several occasions earlier, senior executives of Reliance Infrastructure had said that the company will not start work on the project unless the government fulfils obligations.