This is the Lakshmi Insurance Building on Pherozshah Mehta Road, opposite Bombay Store. It has a clock tower with a statue of the goddess Lakshmi.
Why am I calling it Lahore ki Lakshmi? Because the Lakshmi Insurance Company was originally founded in Lahore by Lala Lajpatrai. This building was the Bombay branch of the company (later merged with the Life Insurance Corporation).
There is also a Lakshmi Building in Lahore, which was the headquarters of the insurance company. In fact, the crossroads at which the building is located in Lahore is called Lakshmi Chowk.
Lakshmi Chowk in Lahore was a popular hangout for Bollywood celebrities and hopefuls, because many studios and movie offices were located there. The famous villian Pran got cast in a movie when he was hanging out at Lakshmi Chowk at a paan shop :) Apparently a director named Wali spotted him, and scribbled the address of a studio on the back of a cigarette packet. Thus began Pran's journey into films.
Dev Anand, Balraj Sahni, Mohammed Rafi, Om Prakash, Pran... all these major Bollywood stars hung out in Lahore's Lakshmi Chowk. And eventually migrated to Bombay to find fame and fortune here.