History

MIL was founded by a British gentleman by the name of Mr. Gordon and was called "The Gordon Mills". Gordon Mills survived the severe hardships and heavy tax structure of the British Empire with the help of its dedicated owners, employees and shareholders. Gordon Mills was officially incorporated into the Indian Companies Act on 24th October 1933 as the "Modern Mills Ltd”. (MML) under ownership of the Sirur family.

Over years Modern Mills Ltd. became one of the reputed business houses in the Indian Textile industry. With the mill workers strike in the 1990's MML went into a deep financial burden and had to shut down production facilities and went under the BIFR scheme. MML was later taken over by the Jatia family in the early 1990's. The Jatia family infused fresh capital into MML and restarted production with upgraded facilities. Although the new management strived hard to revive MML's past glory, the financial unviability of operating a composite textile mill in the heart of Mumbai with high labour, electricity, water costs and a heavier tax structure, MML was forced to close down its manufacturing unit in the year 2004. MML at the time of closing was one of the last textile mills still functioning in Mumbai.

Date / Achievements 

     Event

16th March 1880

  • Mr. John Gordon European inhabitant purchased piece of Land then called Byculla region from Mr. Jehtabhoy Javerchand to set up a Textile Mill.

7th January 1882

  • Mr. John Gordon Started Gordon Mills Limited in the above Land.

11th August 1891

  • Name of Gordon Mill Limited changed to Gordon Spinning & Mfg. Co. Ltd being a composite Textile Mill.

24th October 1933

  • The Modern Mills Limited incorporated under Indian Companies Act 1913 as subsidiary of Mysore Spinning and Mfg. Co. Limited at the premises of Gordon Spinning & Mfg. Co. Ltd. under management of “SIRUR” family.

29th March 1957

  • The Modern Mills Limited ceased to be a subsidiary of Mysore Spinning & Manufacturing Company Limited

24th January 1958

  • Equity Shares of The Modern Mills Limited got Listed on The Stock Exchange, Bombay and trading commenced.

1960

  • Company acquired 10% stake in Equity Captial Sundatta Foods and Fibres Limited as backward integration to have committed and continued source of raw material for textile operations.

18th July 1963

  • Sundatta Foods and Fibres Limited became subsidiary of The Modern Mills Limited.

1979 - 1980

  • Textile Industry was passing through testing times, Labor unions demands were unviable to meet with and economic scenario was changing.
  • “SIRUR” family approached “JATIAS” to take over operations and controlling stake in the Company.

1980

  • “JATIAS” acquired controlling interest in the company and Mr. B. L. Jatia was appointed Director with effect from 18th February 1980.

1994

  • Mr. V. K. Jatia appointed Director of the Company and since then he is on the Board of Company.

1995

  • All dues of the Banks/Financial Institutions / Workers were settled during the year. Fresh equity of Rs.300Lacs subscribed by the Promoters and spinning unit was restarted.

2000

  • Construction of Residential Complex named Belvedere Court completed. Company was ordered to be out of BIFR and came back on the Dividend list.

2001

  • During the Financial year 2000-01 company disposed off substantially the whole food division properties of Sundatta Foods and Fibres Limited.
  • On 31st July 2001 Mr. Vijay Kumar Jatia was appointed as Managing Director of the Company for a period of 5 Years.

2002

  • During the Financial Year 2001-2002 Mr. Vijay Kumar Jatia designated as Chairman and Managing Director of the Company.

2004

  • Textile division completely closed.
  • Name of the Company changed to “MODERN INDIA LIMITED”.
  • Indian Institute of Jewellery started, as division of Modern India Limited
  • Modern International (Asia) Limited, Hong Kong started commercial operation. Company Deals in trading of commodities.

2005

  • Started marketing of Software programs in collaboration with international jewellery designing software companies.

2006

  • Modali Distribution Private Limited formed as joint venture Company between MODERN India Limited and Gitanjali Gems Limited a 50:50 JV to market branded jewellery supplied by Gitanjali Gems Limited.
  • Indian Institute of Jewellery Ltd was made subsidiary of the company.

2007

  • Obtained permission of State Government to develop its land at Mahalaxmi and Elphiston Road.
  • Application made to NSE to have its shares listed on exchange.

2008

  • Modern India Free Trade Warehousing Pvt. Ltd., was made subsidiary of MIL;
  • Received in principle approval from Govt. of Maharashtra and Board of Approval under Ministry of Commerce and Industry, New Delhi for developing FTWZ at Panvel;
  • Stake in Modali Jewels Private Limited divested in favour of jt. Venture partner Gitanjali Gems Ltd.;
  • IIJ entered in a MOU with University of Mumbai to offer PGDM in technical collaboration with Garware Institute of Career Education and Development, Mumbai;

2010

  • MIL entered into a MOU with K. Raheja Corp. Pvt. Ltd to develop its some of the land area owned in and around Mahalaxmi;

2011

  • Operations of Modern International Asia Limited shows growth and improved profitability;
  • Various approvals for development of land areas under MOU with K. Raheja Corp. Pvt. Ltd., in progress;