This case focuses on the way forward for Hyderbad Metro Rail Ltd (HMRL) as of July 2009, when the earlier winning bidder had to be served with a termination notice due to non compliance towards financial closure. The top management of HMRL was considering various alternatives before them: 1) Whether the second competitive bidder of the earlier bid should be allowed to take up the project so as to minimize time and financial loss? 2) Whether to continue with the Develop, Build, Finance, Operate and Transfer (DBFOT) model and issue a fresh bid? 3) Whether to completely leave aside the DBFOT model and take up EPC (Engineering, Procurement and Construction) method, given the allegations and controversies on the earlier bid? 4) Whether to follow the Delhi Metro Rail Corporation model and propose the project as a joint venture of the state and central government?