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102-479: It is important to understand that Wallace Brothers was not a single entity. In a general sense, the brothers were the six sons, born between 1818 and 1836, of Edinburgh architect and builder Lewis Alexander Wallace. In order they were William (1818–88); Richard (1819–85); Lewis (1821-1906); George (1824-1903); Robert (1831–78); and Alexander (1831-1925). All worked as East India merchants; all worked together sometimes, but not always, and in different combinations. Thus,

204-475: A 'resident of'. The term had been in use for quite some time but it gained popularity after the official name change to Mumbai. Older terms such as Bombayite are also used. Mumbai is built on what was once an archipelago of seven islands : Isle of Bombay , Parel , Mazagaon , Mahim , Colaba , Worli , and Old Woman's Island (also known as Little Colaba ). It is not exactly known when these islands were first inhabited. Pleistocene sediments found along

306-553: A leading figure in the Wallace story. Alexander died in 1925, aged 89, and his dominant shareholding went to his son, Falconer Wallace. Although the family continued to control the business, Board appointments increasingly involved non-family members. World War I brought inevitable dislocation but Bombay Co. prospered in the 1920s. Although the Manchester trade began to decline, the cotton mills and general trading did well. Immediately before

408-465: A long history of trade finance. It had held an account with the Bank of England since 1863 and had issued its own bills of exchange; in that respect the original decision in 1965 to expand into banking appeared logical. Unfortunately, the secondary banking crisis of 1973-75 rendered the outcome less satisfactory than expected. The first step had been to recruit an experienced team of bankers, three of whom joined

510-482: A memorial to the martyrs of the Samyukta Maharashtra movement, Flora Fountain was renamed as Hutatma Chowk (Martyr's Square) and a memorial was erected. The following decades saw massive expansion of the city and its suburbs. In the late 1960s, Nariman Point and Cuffe Parade were reclaimed and developed. The Mumbai Metropolitan Region Development Authority (BMRDA) was established on 26 January 1975 by

612-556: A new company, The Bombay Company would be responsible for all other Wallace interests in India. Bombay Company took over the Karachi branch and further branches were opened in Delhi in 1893, Calcutta in 1903 and Madras (now Chennai ) in 1906. The cotton trade in India was gradually changing as Lancashire product was being replaced by Indian manufacture. To exploit this, in 1901 The Bombay Co. bought

714-599: A niche for itself in the information technology industry. The Santacruz Electronic Export Processing Zone (SEEPZ) and the International Infotech Park ( Navi Mumbai ) offer excellent facilities to IT companies. State and central government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled self-employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics, and other such blue collar professions. The port and shipping industry

816-504: A one-bedroom apartment in Mumbai proper is around ₹30,000, while according to ResearchGate, 25% of Mumbai households have a monthly income of less than ₹12,500. The overall average salary in Mumbai is ₹45,000. This means that the vast majority of conventional housing is out of bounds for many Mumbai residents, leading many to rely on informal housing. Greater Mumbai (or Brihanmumbai), an area of 603 km (233 sq mi), consisting of

918-716: A share in Lakhshmi Cotton Manufacturing becoming secretary, agent and manager. A second mill was bought and in 1908 Bombay Co. decided to build a larger mill, financing the project with a public subscription for Vishnu Cotton Mill. Further east the Wallace enterprise still explored new opportunities. A tanning company was formed in 1902 to supply the U.S. market; an oil concession in Sumatra lost money and closed after ten years, while there were also investments in rubber plantations in Java and Johore . Lewis Wallace died in 1906 and

1020-474: A station in western India. On 11 May 1661, the marriage treaty of Charles II of England and Catherine of Braganza , daughter of King John IV of Portugal , placed the islands in possession of the English Empire , as part of Catherine's dowry to Charles. However, Salsette , Bassein , Mazagaon , Parel , Worli , Sion , Dharavi , and Wadala still remained under Portuguese possession. From 1665 to 1666,

1122-495: A total wealth of around $ 960 billion, it is the richest Indian city and one of the richest cities in the world. As of 2008 , the Globalization and World Cities Study Group (GaWC) has ranked Mumbai as an "Alpha world city", third in its categories of Global cities . Mumbai is the third most expensive office market in the world, and was ranked among the fastest cities in the country for business startup in 2009. However, it

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1224-775: A virtually rainless period extending from October to May and an extremely wet period peaking in July. A cooler season from December to February is followed by a hotter season from March to May. The period from June to about the end of September constitutes the south west monsoon season, and October and November form the post-monsoon season. Between June and September, the South-west monsoon rains occur in Mumbai. Pre-monsoon showers are received in May. Occasionally, north-east monsoon showers occur in October and November. The maximum annual rainfall ever recorded

1326-549: A year away from the secondary bank crisis, to which the Crown Agents was one of the major contributors. Wallace Brothers and Company (Holdings) Limited and its UK subsidiaries were taken over by Standard Bank in 1977 and were wound up over the following twelve years. Wallace Brothers Trading and Industrial Limited was sold to OSE Holdings (HK) Limited in 1979. Other companies in the Wallace Brothers group were closed down during

1428-573: Is also commonly referred to as the Island City or South Mumbai . The total area of Mumbai is 603.4 square kilometres (233.0 sq mi). Of this, the island city spans 67.79 square kilometres (26.17 sq mi), while the suburban district spans 370 square kilometres (140 sq mi), together accounting for 437.71 square kilometres (169.00 sq mi) under the administration of Municipal Corporation of Greater Mumbai (MCGM). The remaining areas belong to various Defence establishments,

1530-440: Is an Indian Administrative Service (IAS) officer appointed by the state government . Although the municipal corporation is the legislative body that lays down policies for the governance of the city, it is the commissioner who is responsible for the execution of the policies. The commissioner is appointed for a fixed term as defined by state statute. The powers of the commissioner are those provided by statute and those delegated by

1632-457: Is important to acknowledge that Mumbai faces important challenges regarding income inequality. Despite having the largest concentration of billionaires out of any city in Asia, Mumbai is one of the most unequal cities in the world. Like other Indian metropolitan cities, Mumbai is in desperate need of affordable housing infrastructure for its lower and lower-middle class citizens. The median rental cost of

1734-406: Is in charge of the civic and infrastructure needs of the metropolis. The mayor, who serves for a term of 2 + 1 ⁄ 2 years, is chosen through an indirect election by the councillors from among themselves. The municipal commissioner is the chief executive officer and head of the executive arm of the municipal corporation. All executive powers are vested in the municipal commissioner who

1836-536: Is on a narrow peninsula on the southwest of Salsette Island , which lies between the Arabian Sea to the west, Thane Creek to the east and Vasai Creek to the north. Mumbai's suburban district occupies most of the island. Navi Mumbai is east of Thane Creek and Thane is north of Vasai Creek . Mumbai consists of two distinct regions: Mumbai City district and Mumbai Suburban district , which form two separate revenue districts of Maharashtra. The city district region

1938-689: Is the centre of the Mumbai Metropolitan Region , the sixth-most populous metropolitan area in the world with a population of over 23 million (2.3 crore). Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour . In 2008, Mumbai was named an alpha world city . Mumbai has the highest number of billionaires out of any city in Asia . The seven islands that constitute Mumbai were earlier home to communities of Marathi language -speaking Koli people . For centuries,

2040-419: Is the commercial capital of India and has evolved into a global financial hub. For several decades it has been the home of India's main financial services companies, and a focus for both infrastructure development and private investment. From being an ancient fishing community and a colonial centre of trade, Mumbai has become South Asia's largest city and home of the world's most prolific film industry. Mumbai

2142-403: Is well established, with Mumbai Port being one of the oldest and most significant ports in India. Dharavi , in central Mumbai, has an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories. As of 2024, Mumbai is home to the third-highest number of billionaires of any city in the world. With

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2244-523: The Lok Sabha discussions in 1955, the Congress party demanded that the city be constituted as an autonomous city-state. The States Reorganisation Committee recommended a bilingual state for Maharashtra– Gujarat with Mumbai as its capital in its 1955 report. Bombay Citizens' Committee , an advocacy group of leading Gujarati industrialists lobbied for Mumbai's independent status. Following protests during

2346-607: The New York of India , is India's most populous city and is the financial and commercial capital of the country as it generates 6.16% of the total GDP. It serves as an economic hub of India; as of 2006, Mumbai contributed 10% of the nation's factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade , and ₹ 40 billion (equivalent to ₹ 130 billion or US$ 1.5 billion in 2023) in corporate taxes . Along with

2448-667: The English gained possession of the city in the 17th century, the Portuguese name was anglicised as Bombay . Ali Muhammad Khan, imperial dewan or revenue minister of the Gujarat province, in the Mirat-i Ahmedi (1762) referred to the city as Manbai . The French traveller Louis Rousselet , who visited in 1863 and 1868, states in his book L'Inde des Rajahs , which was first published in 1877: "Etymologists have wrongly derived this name from

2550-689: The Fortune Global 500 companies are based in Mumbai. This is facilitated by the presence of the Reserve Bank of India (RBI), the Bombay Stock Exchange (BSE), the National Stock Exchange of India (NSE), and financial sector regulators such as the Securities and Exchange Board of India (SEBI). Until the 1970s, Mumbai owed its prosperity largely to textile mills and the seaport , but

2652-905: The Government of India and the Consulate General of the United States, Mumbai monitor and publicly share real-time air quality data. In December 2019, IIT Bombay , in partnership with the McKelvey School of Engineering of Washington University in St. Louis launched the Aerosol and Air Quality Research Facility to study air pollution in Mumbai, among other Indian cities. Mumbai has been ranked 24th best “National Clean Air City” (under Category 1 >10L Population cities) in India according to 'Swachh Vayu Survekshan 2024 Results' Mumbai, sometimes described as

2754-563: The Government of Maharashtra as an apex body for planning and co-ordination of development activities in the Mumbai metropolitan region . In August 1979, a sister township of New Mumbai was founded by the City and Industrial Development Corporation (CIDCO) across the Thane and Raigad districts to help the dispersal and control of Mumbai's population. The textile industry in Mumbai largely disappeared after

2856-542: The Hindi and Marathi film industries. Mumbai's business opportunities attract migrants from all over India. The name Mumbai ( Marathi : मुंबई ) originated from Mumbā or Mahā-Ambā —the name of the patron Hindu goddess ( kuladevata ) Mumbadevi of the native Koli community —and from ā'ī , meaning "mother" in the Marathi language , which is the mother tongue of the Koli people and

2958-678: The Malaysia Stock Exchange . As with Burma, so the Indian businesses had to come to terms with an independent government, particularly the steep increase in taxation. Some businesses were sold and the non-India businesses of Wallace & Co were put into a new holding company. In 1956 the Government announced that the agency system was to be ended. Wallace & Co remained Secretary to Bombay Burmah but ceased to be manager. Trading houses owned by non-nationals were falling out of favour and in 1958

3060-483: The Mithi River originates from Tulsi Lake and gathers water overflowing from Vihar and Powai Lakes. The coastline of the city is indented with numerous creeks and bays, stretching from the Thane creek on the eastern to Madh Marve on the western front. The eastern coast of Salsette Island is covered with large mangrove swamps , rich in biodiversity, while the western coast is mostly sandy and rocky. Soil cover in

3162-686: The Mumbai City and Mumbai Suburban districts, extends from Colaba in the south, to Mulund and Dahisar in the north, and Mankhurd in the east. Its population as per the 2011 census was 12,442,373. It is administered by the Brihanmumbai Municipal Corporation (BMC) (sometimes referred to as the Municipal Corporation of Greater Mumbai ), formerly known as the Bombay Municipal Corporation (BMC). The BMC

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3264-706: The Mumbai Port Trust , the Atomic Energy Commission and the Borivali National Park, which are out of the jurisdiction of the MCGM. The Mumbai Metropolitan Region which includes portions of Thane , Palghar and Raigad districts in addition to Greater Mumbai, covers an area of 4,355 square kilometres (1,681 sq mi). Mumbai lies at the mouth of the Ulhas River on the western coast of India, in

3366-627: The Treaty of Bassein with the Portuguese Empire on 23 December 1534. According to the treaty, the Seven Islands of Bombay, the nearby strategic town of Bassein and its dependencies were offered to the Portuguese. The territories were later surrendered on 25 October 1535. The Portuguese were actively involved in the foundation and growth of their Roman Catholic religious orders in Bombay. They called

3468-706: The Treaty of Surat (1775), the British formally gained control of Salsette and Bassein, resulting in the First Anglo-Maratha War . The British were able to secure Salsette from the Marathas without violence through the Treaty of Purandar (1776) , and later through the Treaty of Salbai (1782), signed to settle the outcome of the First Anglo-Maratha War. From 1782 onwards, the city was reshaped with large-scale civil engineering projects aimed at merging all

3570-579: The demolition of the Babri Masjid in Ayodhya , the city was rocked by the Hindu-Muslim riots of 1992–93 in which more than 1,000 people were killed. In March 1993, a series of 13 coordinated bombings at several city landmarks by Islamic extremists and the Mumbai underworld resulted in 257 deaths and over 700 injuries. In 2006, 209 people were killed and over 700 injured when seven bombs exploded on

3672-706: The seven islands of Bombay into a single amalgamated mass by way of a causeway called the Hornby Vellard , which was completed by 1784. In 1817, the British East India Company under Mountstuart Elphinstone defeated Baji Rao II , the last of the Maratha Peshwa in the Battle of Khadki . Following his defeat, almost the whole of the Deccan Plateau came under British suzerainty, and was incorporated into

3774-466: The seven islands of Bombay were under the control of successive indigenous rulers before being ceded to the Portuguese Empire , and subsequently to the East India Company in 1661, through the dowry of Catherine Braganza when she was married off to Charles II of England . Beginning in 1782, Mumbai was reshaped by the Hornby Vellard project, which undertook reclamation of the area between

3876-520: The 1980s. Wallace Brothers and Company (Holdings) Limited was liquidated in 1989. Mumbai Mumbai ( / m ʊ m ˈ b aɪ / muum- BY ; ISO : Muṁbaī , Marathi: [ˈmumbəi] ), formerly known as Bombay ( / b ɒ m ˈ b eɪ / bom- BAY ), is the capital city of the Indian state of Maharashtra . Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12.5 million (1.25  crore ). Mumbai

3978-662: The Bombay Presidency. The success of the British campaign in the Deccan marked the end of all attacks by native powers. By 1845, the seven islands coalesced into a single landmass by the Hornby Vellard project via large scale land reclamation . On 16 April 1853, India's first passenger railway line was established, connecting Mumbai to the neighbouring town of Thana (now Thane). During the American Civil War (1861–1865),

4080-559: The Commercial Bank of India in 1864 and three of his brothers had also been directors. (Alexander was later become Governor of the Bank of England ). Family control of Wallace & Co and Bombay Burmah now resided in London and after the death of Richard in 1885 it was Lewis and Alexander who carried the business through to the next century. The textile trade with India remained a substantial part of

4182-638: The Delhi Sultanate. The islands were later governed by the independent Gujarat Sultanate , which was established in 1407. As a result of the Sultanate's support, numerous mosques were built, with one notable example being the Haji Ali Dargah in Worli . Erected in 1431, this magnificent structure pays homage to the revered Muslim saint, Haji Ali. From 1429 to 1431, the islands were a source of contention between

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4284-730: The English managed to acquire Mahim, Sion, Dharavi, and Wadala. In accordance with the Royal Charter of 27 March 1668 , England leased these islands to the English East India Company in 1668 for a sum of £ 10 per annum. The population quickly rose from 10,000 in 1661, to 60,000 in 1675. The islands were subsequently attacked by Yakut Khan , the Muslim Koli admiral of the Mughal Empire , in October 1672, Rickloffe van Goen ,

4386-617: The English name to Mumbai in November 1995. This came at the insistence of the Marathi nationalist Shiv Sena party, which had just won the Maharashtra state elections, and mirrored similar name changes across the country and particularly in Maharashtra. According to Slate magazine, "they argued that 'Bombay' was a corrupted English version of 'Mumbai' and an unwanted legacy of British colonial rule." Slate also said "The push to rename Bombay

4488-602: The Governor-General of Dutch India on 20 February 1673, and Siddi admiral Sambal on 10 October 1673. In 1687, the English East India Company transferred its headquarters from Surat to Mumbai. The city eventually became the headquarters of the Bombay Presidency . Following the transfer, Mumbai was placed at the head of all the company's establishments in India. Towards the end of the 17th century,

4590-414: The Gujarat Sultanate and the Bahmani Sultanate of Deccan. In 1493, Bahadur Khan Gilani of the Bahmani Sultanate attempted to conquer the islands but was defeated. The Mughal Empire , founded in 1526, was the dominant power in the Indian subcontinent during the mid-16th century. Growing apprehensive of the power of the Mughal emperor Humayun , Sultan Bahadur Shah of Gujarat was obliged to sign

4692-404: The Indian union were integrated into the state. Subsequently, the city became the capital of Bombay State. In April 1950, Municipal limits of Mumbai were expanded by merging the Mumbai Suburban District and Mumbai City to form the Greater Mumbai Municipal Corporation. The Samyukta Maharashtra movement to create a separate Maharashtra state including Mumbai was at its height in the 1950s. In

4794-435: The Island City, the average maximum temperature is 31 °C (88 °F), while the average minimum temperature is 24 °C (75 °F). In the suburbs, the daily mean maximum temperature range from 29 °C (84 °F) to 33 °C (91 °F), while the daily mean minimum temperature ranges from 16 °C (61 °F) to 26 °C (79 °F). The record high is 42.2 °C (108 °F) set on 14 April 1952, and

4896-402: The London partnership of Wallace Brothers was formed in 1863 by Lewis and George, with Richard joining in 1865; the other three brothers did not join. Wallace & Co was the Bombay (now Mumbai ) company in which most of the brothers seemed to participate at different times and in different capital amounts. Individual partnerships, often with non-family members, were found in peripheral parts of

4998-434: The Portuguese Bôa Bahia, or (French: "bonne bai", English: "good bay"), not knowing that the tutelar goddess of this island has been, from remote antiquity, Bomba, or Mumba Devi , and that she still ... possesses a temple". By the late 20th century, the city was referred to as Mumbai or Mambai in Marathi, Konkani , Gujarati , Kannada and Sindhi , and as Bambai in Hindi . The Government of India officially changed

5100-606: The Portuguese word "bom" with the English "bay", from the English version of the name. In 1516, Portuguese explorer Duarte Barbosa used the name Tana-Maiambu : Tana appears to refer to the adjoining town of Thane and Maiambu to Mumbadevi . The form Bombaim is still commonly used in Portuguese. Other variations recorded in the 16th and the 17th centuries include: Mombayn (1525), Bombay (1538), Bombain (1552), Bombaym (1552), Monbaym (1554), Mombaim (1563), Mombaym (1644), Bambaye (1666), Bombaiim (1666), Bombeye (1676), Boon Bay (1690) and Bon Bahia . After

5202-402: The War, Bombay Burmah diversified into tea plantations in southern India. The year after war ended, an investment was made in the Indian firm of Chrestian & Co, one of the world's largest producers of mica . Although there had been an immediate recovery in the teak trade, Bombay Burmah had been unable to pay a dividend between 1921 and 1924. The recession in 1929 hit activity across the group;

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5304-541: The agencies of the two cotton mills were relinquished and the shares sold. By the 1960s there was little left for the Bombay Company in India and it ceased trading in 1969. Other geographical areas were actively pursued but not all with lasting success. An investment was made in Kenya in 1950, providing a springboard for several ventures – cattle ranching, pyrethrum , coffee and tea. There were short term property investments in Canada ; an unsuccessful venture into rubber plantations in Java; and fish farming in Peru . Much of

5406-422: The brothers except William. The business between London and Bombay was the traditional one of shipping agents trading cotton, coffee, pearls , etc. later importing cotton goods from Manchester , which became their leading activity. The expansion of the railways in India led to a demand for teak from Burma. In the mid-1850s Wallace & Co contracted a delivery of teak but there were delivery problems and William,

5508-472: The business both in England and India . It was William alone who developed the Burma business, largely financed by Wallace Co; this was later capitalised as The Bombay Burmah Trading Corporation . Thus, the three main entities through the nineteenth century were Wallace Brothers in London; Wallace & Co in Bombay; and Bombay Burmah Trading in Burma. In the text they will be referred to as Brothers; Wallace & Co; and Bombay Burmah; more names will appear in

5610-417: The business. The American civil war gave a substantial boost as Manchester now needed India's cotton. In the 1870s Brothers was also engaged in general commodities trading between India and Europe and financing the teak trade out of Burma. New business ventures were also being sought. For example, in 1878 Brothers entered the oil trade in North America – exporting oil for Standard Oil into India in casks. In 1886

5712-420: The city became the world's chief cotton-trading market, resulting in a boom in the economy that subsequently enhanced the city's stature. The opening of the Suez Canal in 1869 transformed Mumbai into one of the largest seaports on the Arabian Sea . In September 1896, Mumbai was hit by a bubonic plague epidemic where the death toll was estimated at 1,900 people per week. About 850,000 people fled Mumbai and

5814-402: The city like the Bombay Castle , Castella de Aguada (Castelo da Aguada or Bandra Fort), and Madh Fort . The English were in constant struggle with the Portuguese vying for hegemony over Mumbai, as they recognised its strategic natural harbour and its natural isolation from land attacks. By the middle of the 17th century the growing power of the Dutch Empire forced the English to acquire

5916-401: The city region is predominantly sandy due to its proximity to the sea. In the suburbs, the soil cover is largely alluvial and loamy. The underlying rock of the region is composed of black Deccan basalt flows, and their acidic and basic variants dating back to the late Cretaceous and early Eocene eras. Mumbai sits on a seismically active zone owing to the presence of 23 fault lines in

6018-534: The city was incorporated into Bombay State . In 1960, following the Samyukta Maharashtra Movement , a new state of Maharashtra was created with Mumbai as the capital. Mumbai is the financial , commercial, and entertainment capital of South Asia . Mumbai is often compared to New York , and the city is home to the Bombay Stock Exchange , situated on Dalal Street . It is also one of the world's top ten centres of commerce in terms of global financial flow, generating 6.16% of India's GDP, and accounting for 25% of

6120-458: The city's commuter trains . In 2008, a series of ten coordinated attacks by armed terrorists for three days resulted in 173 deaths, 308 injuries, and severe damage to several heritage landmarks and prestigious hotels. The three coordinated bomb explosions in July 2011 that occurred at the Opera house , Zaveri Bazaar and Dadar were the latest in the series of terrorist attacks in Mumbai which resulted in 26 deaths and 130 injuries. Mumbai

6222-414: The city: Vihar , Lower Vaitarna , Upper Vaitarna , Tulsi , Tansa and Powai . Tulsi Lake and Vihar Lake are located in Borivili National Park , within the city's limits. The supply from Powai lake, also within the city limits, is used only for agricultural and industrial purposes. Three small rivers, the Dahisar River , Poinsar (or Poisar) and Ohiwara (or Oshiwara) originate within the park, while

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6324-488: The coastal areas around Kandivali in northern Mumbai suggest that the islands were inhabited since the South Asian Stone Age . Perhaps at the beginning of the Common Era , or possibly earlier, they came to be occupied by the Koli fishing community. In the 3rd century BCE, the islands formed part of the Maurya Empire , during its expansion in the south, ruled by the Buddhist emperor Ashoka of Magadha . The Kanheri Caves in Borivali were excavated from basalt rock in

6426-413: The coastal region known as the Konkan . It sits on Salsette Island (Sashti Island), which it partially shares with the Thane district . Mumbai is bounded by the Arabian Sea to the west. Many parts of the city lie just above sea level, with elevations ranging from 10 to 15 metres (33 to 49 ft); the city has an average elevation of 14 metres (46 ft). Northern Mumbai (Salsette) is hilly, and

6528-449: The company's long-term future was secure. Competition for teak supplies was coming from Siam (now Thailand ), and Bombay Burmah opened an office in Bangkok in 1884. For eighty years, Bombay Burmah was the single largest teak company in the industry, marketing over a third of the world's teak supplies. In 1886 it was decided to split the interests of Wallace & Co. The original Company would be confined to supervising Bombay Burmah while

6630-519: The control of successive indigenous dynasties : Satavahanas , Western Satraps , Abhira , Vakataka , Kalachuris , Konkan Mauryas , Chalukyas and Rashtrakutas , before being ruled by the Shilaharas from 810 to 1260. Some of the oldest edifices in the city built during this period are the Jogeshwari Caves (between 520 and 525), Elephanta Caves (between the sixth to seventh century), Walkeshwar Temple (10th century), and Banganga Tank (12th century). King Bhimdev founded his kingdom in

6732-405: The cotton mills, tea and rubber were all depressed and Bombay Burmah lost money in the early 1930s.The rubber plantations in Java were hard hit; rubber which had been trading at 4s-8d a pound in 1925 fell to below 2d in 1932. In 1933 Brothers decided that The Bombay Company's capital could be better used in London and there was a substantial repatriation of funds. The Indian businesses prospered in

6834-496: The early withdrawal from the East was involuntary but there was an increasing realisation that the future lay nearer to home; the solution was to redeploy capital to finance and banking . The 1960s saw the complete withdrawal from East Africa and other peripheral interests. The final stage came in 1972 when the Wallace interests were combined with those of the Tao and Wong families in a new Company, Ocean Leila Ltd of Hong Kong . The London operation of Wallace Brothers had always had

6936-501: The early years of the War. The cotton mills boomed, helped by the purchase of the Prailhad Mill in 1939; tea and teak also benefitted from increased wartime demand. However, after the entry of Japan into the War in December 1941, the Wallace assets east of India were rapidly lost to the Group and were not easily restored after 1945. Following the creation of the Union of Burma in 1948, the State took control of all forests in 1949. Bombay Burmah's leases in Thailand also expired in 1955. There

7038-431: The eldest brother, was sent out to resolve them. He liked the opportunities there and based himself in Rangoon , supplying teak to India. He bought land and property, built a saw mill and even began shipbuilding. Although he operated as a sole trader, the finance came from Wallace & Co and the extent of loans began to put pressure on the relationship between the five brothers in Bombay and William in Rangoon. The solution

7140-438: The evacuation of the residents of those areas to temporary safe camps. Air pollution is a major issue in Mumbai. According to the 2016 World Health Organization Global Urban Ambient Air Pollution Database, the annual average PM2.5 concentration in 2013 was 63 μg/m , which is 6.3 times higher than that recommended by the WHO Air Quality Guidelines for the annual mean PM2.5. The Central Pollution Control Board for

7242-402: The financing, marketing and shipping. Now, Bombay Burmah expanded the scale of its operations and did the timber extraction itself. However, by the mid-1880s French interests had become close to the King culminating in Court action against Bombay Burmah. Indirectly, this precipitated the Third Anglo-Burmese War in 1886 and the deposing of the King. From then Burma was administered from India but

7344-496: The firm was the first to enter market for Russia's Black Sea oil. Rice was another important market, the trade being run from London by a new company, Arracan, which had a mill in Rangoon and chartered the shipping. (This was sold to Sir John Ellerman inn 1917). Extensive new teak leases were granted by the King in 1880. Until then the forests had been worked by contractors, with Wallace doing

7446-572: The first century CE, and served as an important centre of Buddhism in Western India during ancient Times. The city then was known as Heptanesia ( Ancient Greek : A Cluster of Seven Islands) to the Greek geographer Ptolemy in 150 CE. The Mahakali Caves in Andheri were cut out between the 1st century BCE and the 6th century CE. Between the 2nd century BCE and 9th century CE, the islands came under

7548-558: The highest point in the city is 450 metres (1,480 ft) at Salsette in the Powai – Kanheri ranges. The Sanjay Gandhi National Park (Borivali National Park) is located partly in the Mumbai suburban district , and partly in the Thane district, and it extends over an area of 103.09 square kilometres (39.80 sq mi). Apart from the Bhatsa Dam , there are six major lakes that supply water to

7650-464: The islands again suffered incursions from Yakut Khan in 1689–90. The Portuguese presence ended in Mumbai when the Marathas under Peshwa Baji Rao I captured Salsette in 1737, and Bassein in 1739. By the middle of the 18th century, Mumbai began to grow into a major trading town, and received a huge influx of migrants from across India. Later, the British occupied Salsette on 28 December 1774. With

7752-588: The islands by various names, which finally took the written form Bombaim . The islands were leased to several Portuguese officers during their regime. The Portuguese Franciscans and Jesuits built several churches in the city, prominent being the St. Michael's Church at Mahim (1534), St. John the Baptist Church at Andheri (1579), St. Andrew's Church at Bandra (1580), and Gloria Church at Byculla (1632). The Portuguese also built several fortifications around

7854-519: The local economy has since then diversified to include finance , engineering , diamond-polishing, healthcare , and information technology. The key sectors contributing to the city's economy are: finance, gems & jewellery, leather processing, IT and ITES , textiles, petrochemical, electronics manufacturing, automobiles, and entertainment. Nariman Point and Bandra Kurla Complex (BKC) are Mumbai's major financial centres. Despite competition from Bangalore , Hyderabad and Pune , Mumbai has carved

7956-558: The main board. To facilitate the new structure, Wallace Bros & Co represented the bank and Wallace Brothers Trading & Industrial contained everything else. As with most companies in the finance sector at that time, the Bank enjoyed rapid growth: between 1966 and 1973, assets increased by nearly thirty times. In March 1972 it merged with E.D.Sassoon Banking to create Wallace Bros Sassoon Bank, (later Wallace Bros Bank). The Crown Agents held 90% of Sassoon Banking and therefore ended up with 25% of Wallace Bros Bank. This happened less than

8058-487: The movement in which 105 people died in clashes with the police, Bombay State was reorganised on linguistic lines on 1 May 1960. Gujarati -speaking areas of Bombay State were partitioned into the state of Gujarat. Maharashtra State with Mumbai as its capital was formed with the merger of Marathi -speaking areas of Bombay State , eight districts from Central Provinces and Berar , five districts from Hyderabad State , and numerous princely states enclosed between them. As

8160-433: The name "Bombaim" after 1512 in his Lendas da Índia ( Legends of India ). While some Anglophone authors have suggested this name possibly originated as an alleged Galician-Portuguese phrase bom baim , meaning "good little bay", such suggestions lack any scientific basis. Portuguese linguist José Pedro Machado attributes that interpretation to a deficient knowledge of the Portuguese language of these authors, mixing up

8262-407: The nation's industrial output, 70% of maritime trade in India ( Mumbai Port Trust , Dharamtar Port and JNPT ), and 70% of capital transactions to India's economy . The city houses important financial institutions and the corporate headquarters of numerous Indian companies and multinational corporations . The city is also home to some of India's premier scientific and nuclear institutes and

8364-501: The official language of Maharashtra. According to certain accounts, the Koli community, which hails from Kathiawar and Central Gujarat , is believed to have introduced their deity Mumba from Kathiawar ( Gujarat ), where her worship continues to this day. However, other sources disagree that Mumbai's name was derived from the goddess Mumba. The oldest known names for the city are Kakamuchee and Galajunkja ; these are sometimes still used. Portuguese writer Gaspar Correia recorded

8466-717: The past few decades, the frequency of floods in Mumbai is enormous, the 2005 Mumbai floods are characterised by 500-1000 deaths, household displacements, damaged infrastructure-(including heritage sites), and a financial loss of US$ 1.2 billion. In the process of reducing floods in Mumbai, the Maharashtra government adopted a flood mitigation plan; according to which the drainage system will be restructured, restoration of Mithi River , and re-establishment of informal settlements. Local civic body Brihanmumbai Municipal Corporation (BMC) authorities are assigned to forecast and issue eviction notices while BMC along with NGO's prepare for

8568-522: The record low is 7.4 °C (45 °F) set on 27 January 1962. Tropical cyclones are rare in the city. The worst cyclone to ever impact Mumbai was the one in 1948 where gusts reached 151 km/h (94 mph) in Juhu. The storm left 38 people dead and 47 missing. The storm reportedly impacted Mumbai for 20 hours and left the city devastated. Mumbai is prone to monsoon floods, exacerbated by climate change which affects heavy rains and high tide in

8670-558: The region in the late 13th century and established his capital in Mahikawati (present day Mahim ). The Pathare Prabhus , among the earliest known settlers of the city, were brought to Mahikawati from Saurashtra in Gujarat around 1298 by Bhimdev. The Delhi Sultanate annexed the islands in 1347–48 and controlled it until 1407. During this time, the islands were administered by the Muslim Governors of Gujarat , who were appointed by

8772-664: The rest of India, Mumbai has witnessed an economic boom since the liberalisation of 1991 , the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in the 2000s. Estimates of the 2016 economy of the Mumbai Metropolitan Region have ranged from $ 368 billion to $ 400 billion ( PPP metro GDP ) ranking it either the most or second-most productive metro area of India. Many of India's numerous conglomerates (including Larsen & Toubro , State Bank of India (SBI), Life Insurance Corporation of India (LIC), Tata Group , Godrej and Reliance ), and five of

8874-490: The sea. According to the World Bank , unplanned drainage system and informal settlement is a key factor of frequent floods in Mumbai. Among other causes of flooding in Mumbai is its geographic location , Mumbai urban is peninsular in form, (a land-filled area that connects seven islands) a low laying area, compared to its suburbs that sit on an elevated location. Over the past few decades, new informal settlements were formed in

8976-471: The seven islands from the Arabian Sea . Along with the construction of major roads and railways , the reclamation project, completed in 1845, transformed Mumbai into a major seaport on the Arabian Sea . Mumbai in the 19th century was characterised by economic and educational development. During the early 20th century it became a strong base for the Indian independence movement . Upon India's independence in 1947

9078-418: The shares in his name in the executor's account. The brothers gradually removed their residence from India. William retired in 1864, George followed suit two years later and Robert had moved to Manchester to oversee that end of the cotton trade. Alexander was the last of the brothers to leave India, in 1867. An illustration of the prominence that the brothers had achieved is that Alexander had become Chairman of

9180-572: The suburbs, causing a rapid increase in population, improper waste management, and drainage congestion. The rainwater from these areas heavily flows towards low-lying urban areas consisting of some slums and high-rise buildings. As a result, slums are either swamped , washed away, or collapse causing heavy casualties, and post-flood water logging lasts for a long time that causing blockage of railway lines-(most frequently used public transport in Mumbai), traffic snarl, inundated roads, and sub-merged bylanes. Over

9282-573: The textile industry was adversely affected. While the city was the capital of the Bombay Presidency , the Indian independence movement fostered the Quit India Movement in 1942 and the Royal Indian Navy mutiny in 1946. After India's independence in 1947, the territory of the Bombay Presidency retained by India was restructured into Bombay State . The area of Bombay State increased, after several erstwhile princely states that joined

9384-446: The twentieth century text. The impetus for the brothers becoming East India traders was Lewis senior's provision of capital to J G Frith, a merchant well established in the Bombay trade. The eldest son William was the first to go to Bombay in 1841 but disliked it and came back to London to form a partnership with Frith called Frith Wallace. Next, Lewis went to Bombay in 1844 to work in the local Frith business, taking it over in 1848; this

9486-504: The vicinity. The area is classified as a Seismic Zone III region , which means an earthquake of up to magnitude 6.5 on the Richter magnitude scale may be expected. Mumbai has an extreme tropical wet and dry climate ( Aw ) under the Köppen climate classification , although the central and northern suburbs have a tropical monsoon climate ( Am ) with even heavier wet season rainfall. Mumbai has

9588-528: The widespread 1982 Great Bombay Textile Strike , in which nearly 250,000 workers in more than 50 textile mills went on strike. Mumbai's defunct cotton mills have since become the focus of intense redevelopment . Industrial development began in Mumbai when its economy started focusing on the petrochemical, electronic, and automotive sectors. In 1954 Hindustan Petroleum commissioned Mumbai Refinery at Trombay and BPCL Refinery . The Jawaharlal Nehru Port , which handles 55–60% of India's containerised cargo,

9690-496: The withdrawal of his capital from the partnership caused financial stress. To avoid this happening again with the sole remaining brother, Alexander, the partnership was incorporated in 1911 as Wallace Brothers & Co. Its articles stated that it was formed to carry on the business of East India merchants etc. and take over the business of the six partners; these consisted of Alexander as Chairman and largest shareholder, four other family members, and Reginald Macaulay, destined to become

9792-466: Was 3,452 mm (136 in) for 1954. The highest rainfall recorded in a single day was 944 mm (37 in) on 26 July 2005 . The average total annual rainfall is 2,213.4 mm (87 in) for the Island City, and 2,502.3 mm (99 in) for the suburbs. The average annual temperature is 27 °C (81 °F), and the average annual precipitation is 2,213 mm (87 in). In

9894-472: Was a public flotation of The Bombay Burmah Trading Corporation in 1863. In the following year, William transferred all the assets for a cash sum and retired to London, taking no further interest in the family businesses. In typical agency style Wallace & Co was to be the Secretary and Manager. For all that Bombay Burmah was an independent public company, control remained firmly in Wallace hands until 1956 and it

9996-505: Was a worldwide search for additional sources of hardwood and Bombay Burmah selected North Borneo in 1949. Partnered by the long-established North Borneo Trading, it formed North Borneo Timbers. In 1953 it acquired full ownership, with 30% being held by Brothers. The investment in North Borneo was successful as were its tea plantations in India and in the 1960s the firm also moved into cocoa and oil palms. North Borneo Timber floated in 1968 on

10098-614: Was commissioned on 26 May 1989 across the creek at Nhava Sheva with a view to de-congest Mumbai Harbour and to serve as a hub port for the city. The geographical limits of Greater Mumbai were coextensive with municipal limits of Greater Mumbai. On 1 October 1990, the Greater Mumbai district was bifurcated to form two revenue districts namely, Mumbai City and Mumbai Suburban , though they continued to be administered by same Municipal Administration. The years from 1990 to 2010 saw an increase in violence and terrorism activities. Following

10200-410: Was part of a larger movement to strengthen Marathi identity in the Maharashtra region." While Mumbai is still referred to as Bombay by some of its residents and by some Indians from other regions, mention of the city by a name other than Mumbai has been controversial. A resident of Mumbai is called Mumbaikar ( pronounced [ˈmumbəikəɾ] ) in Marathi , in which the suffix -kar means

10302-433: Was the start of the Bombay firm of Wallace & Co. Back in London, Frith Wallace was dissolved in 1847 and a new firm of Frith Sands was formed with William as a partner; they worked closely with Wallace & Co.in Bombay. In 1850 George joined Lewis in partnership in Wallace & Co. in Bombay followed in 1853 by William and then Robert and Alexander. The Wallace & Co partnership was formally incorporated in 1862 by all

10404-456: Was to provide an important part of Wallace & Co profitability. As a footnote, William also received ten per cent of the shares as Founders shares, which entitled him to one-third of the profits in excess of a given level of dividend. These Funders shares were to exist for as long as they remained in William's name; this provoked a major controversy after his death in 1888 as the Wallace family kept

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