Mumbai University, one of India's oldest universities was formed in 1857. At the initial stage the university imparted education at the undergraduate level but with time it started concentrating on the post graduate level education.The university has its greatest contribution in imbibing the moral and social values among the students and has been working dedicatedly over 150 years.Famous alumnis:
Mahatma Gandhi
Bal Gangadhar Tilak
B. R. Ambedkar
Mukesh Ambani
Aishwarya Rai
Anand Patwardhan
Sunil Gavaskar
Shabana Azmi
Mahadev Govind Ranade
Sir Pherozeshah Mehta

It was not Mumbai University in 1857.

The University of Mumbai (मुंबई विद्यापीठ)( formerly University of Bombay) is a state university situated in Maharashtra state of India. It has been given a five-star ranking by NAAC. The name of the University was changed from University of Bombay to University of Mumbai according to a Government Gazette dated 4 September 1996. It is abbreviated as either (UoM) for University of Mumbai or as (MU) for Mumbai University. Initially, building of Elphinstone College was used for Mumbai University.

The University of Mumbai is modelled after the universities of Britain and primarilly imparts education through its affiliated colleges. St. Xavier's College, which was affiliated with the University in 1868, is the first of its colleges. Today, the university campuses serve as administrative centers and centers for some higher education and library facilities. The affiliated colleges are spread throughout the ...more

It is not true.....it was Bombay University.