HISTORY

OUR HISTORY

For over eight decades, Modern India Limited has helped India grow and prosper.

Modern India Limite was founded by a Britisher 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 the years Modern Mills Ltd. rose to one of the most reputed business houses in the Indian Textile industry. With the mill workers strike in the 1990's the company went into a deep financial depression and had to shut down production facilities and go under the BIFR scheme.

It was rescued by the Jatia family in the early 1990s. The Jatia family infused fresh capital into MML, revamped the brand 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.

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Born out of the ashes of the MML and rising faster than a phoenix itself was the new and improved Modern India Limited. The Jatia family expanded the business to include a diversity of verticals. Each new business in the fold remains driven by impressive values, a strong team and a core vision, escalating it quickly to the most successful within its vertical of industry.

Under the stewardship of Mr. Vijay Kumar Jatia, CMD, Modern India Ltd, the company has become a well-entrenched name on the industrial horizon and growing from strength to strength

16th March 1880

Mr. John Gordon a European purchased a piece of land then called the Byculla region from Mr. Jehtabhoy Javerchand with a vision to set up a Textile Mill in India.

7th January 1882

Gordon Mills Limited began operations.

11th August 1891

The mill was renamed the Gordon Spinning & Mfg. Co. Ltd and thus became a composite Textile Mill.

24th October 1933

The Sirur family took over the Mill and renamed it The Modern Mills Limited, incorporated under Indian Companies Act 1913 as a subsidiary of Mysore Spinning and Mfg. Co. Limited at the premises of Gordon Spinning & Mfg. Co. Ltd.

29th March 1957

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

The company acquires 10% stake in the form of equity capital of Sundatta Foods and Fibres Limited as part of a backward integration vision to have committed and continued source of raw material for textile operations.

18th July 1963

Sundatta Foods and Fibres Limited officially became a subsidiary of Modern Mills Limited.

The 1970s

The textile Industry was going through testing times. Labor Union demands were unviable to meet and the economic scenario was rapidly changing.

1979 - 1980

The Sirur Family approached the Jatia family to take over operations and a controlling stake in the Company.

18th February 1980

The Jatias acquired a controlling interest in the company and Mr. B. L. Jatia was appointed as the Director on this day.

1994

The dynamic and hard working Mr. V. K. Jatia was appointed Director of the Company. Since then, he has been on the Board of the Company.

1995

All pending dues for Banks, Financial Institutions and Workers were settled during the year. Fresh equity of INR 300 lakh was subscribed by the Promoters and the erstwhile spinning unit was restarted. This was a fresh start for the company.

2000

The construction of our first foray into Real Estate and Development, the marquee residential complex Belvedere Court was completed. The company was ordered to be out of BIFR and came back on the Dividend list.

2001

During the Financial year 2000-01 our company disposed of the whole food division properties of Sundatta Foods and Fibres Limited.

2001

On 31st July, 2001, Mr. Vijay Kumar Jatia was appointed as Managing Director of the Company for a period of 5 Years

2002

This was a big year for the company. In financial year 2001-2002, Mr. Vijay Kumar Jatia was declared Chairman and Managing Director of the Company. Our textile division closed down and the company was renamed Modern India Limited. Our prestigious Indian Institute of Jewellery started, as a division of Modern India Limited

2004

Modern International (Asia) Limited, Hong Kong started commercial operations.

2005

We began successfully marketing 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 joint venture to market branded jewellery supplied by Gitanjali Gems Limited
Indian Institute of Jewellery Ltd was made a subsidiary of the company.

2007

Modern India Limited obtained permission of the State Government to develop its land at Mahalaxmi and Elphinstone Road. An application was made to the NSE to have our shares listed on the exchange.

2008

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

2010

Modern India Limited entered into an MOU with K. Raheja Corp. Pvt. Ltd to develop 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 the MOU with K. Raheja Corp. Pvt. Ltd., in progress

2014

Modern India Limited acquired 3,80,000 equity shares aggregating to 76 % of the Paid Up share capital of Verifacts Services Private Ltd thereby making it subsidiary of the Modern India Limited.Verifacts Services Private Limited, headquartered in Bangalore, is a human resources consulting company providing background/ antecedents verification services.

2018

Modern India Limited acquired the remaining stake of 1,20,000 i.e. 24% equity share of Verifacts Services Private Ltd thereby making it Wholly Owned Subsidiary of the Modern India Limited.

2019

1. Scheme of Amalgamation of MODERN INDIA FREE TRADE WAREHOUSING PRIVATE LIMITED and MODERN INDIA PROPERTY DEVELOPERS LIMITED with MODERN INDIA LIMITED was approved by the Hon’ble National Company Law Tribunal, Mumbai Bench on 11th day of July, 2019. The order copy was filed with Ministry of Corporate Affairs, however approval from the Ministry of Corporate Affairs is awaited.
2.Modern International (Asia) Ltd based in Hongkong has incorporated a wholly owned Subsidiary Company i.e Modern International(Vietnam) Company Ltd which in turn is a Step down Subsidiary of Modern India Limited.

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