[3] The idea of setting up a museum in Mumbai was first mooted in 1850 when preparations were being made for the first ‘Great Exhibition of the Works of Industry of all Nations’ to be held in London's Crystal Palace in 1851.

Prince Albert, the consort of Queen Victoria, wanted to present to the world the industrial arts and crafts of Britain's colonies and thereby stimulate trade for these products.

[4] In 2003, the Indian National Trust for Art and Cultural Heritage (INTACH) in collaboration with the Jamnalal Bajaj Foundation and the Municipal Corporation of Greater Mumbai undertook extensive refurbishment of the building.

The partnership involves the Municipal Corporation of Greater Mumbai, the Jamnalal Bajaj Foundation and the Indian National Trust for Art and Cultural Heritage (INTACH).

[10] This museum houses a large number of archaeological finds, maps and historical photographs of Mumbai, clay models, silver and copper ware and costumes.