Bombay Land Reclamation Company

or Backbay Reclamation Company was formed in the year 1863, September with the objective to carry out works of reclamation from Colaba end upto Malabar Hill. Its directors included Cowasji Jehangir and Premchand Roychand and Asiatic Bank as its Banker. As per the agreeemnt with the Government of Bombay the Company was to reclaim land in tune of 1500 acres out of which 300 acres was to handed over to the government for free for the purpose of establishing the railway line from Grant Road to Colaba by B.B and C I Railway and other uses like roads and Esplanade widening. The Company was to hand over reclaimed land at the rate of 50 acre per year. Debris from Andheri hill and Elephanta Island was used by the Company. During that time the financial collapse of the market happened and the government agreed to reduce the amount of land reclamation from 1500 acres to 600 acres only. But this caused a panic amongst its share holders and finally it was put to liquidation in November 1866