Modi GBC, formerly GBC Hitech (India) and renamed GBC Modicorp Ltd., was incorporated in 1988 as a joint venture between General Binding Corporation (GBC), US, and the B K Modi group of India. GBC, US, holds a 31.33% stake in the company. The company manufactures punching and binding machines, laminators and shredders. Apart from this, it also trades in related supplies like binding covers, laminating films, spiral rings, etc. In 1992-93, the company undertook a project to install hi-speed blanking press (for making spirals used in binding) and pouch making press (for making laminations), which was financed by a public issue made in May '92. Effective Jan.'96, Modi GBC became a part of Modicorp, the new corporate enterprise that has integrated all the B K Modi group companies. The company exports to C I S countries, Thailand, Kenya, Nepal, Srilanka, Bangladesh, Czech Republic and many other countries. During the year 1998-99, the company consolidated its operations at Noida including relocation of its manufacturing operations from Modipuram. During the year 2002-2003, the company has changed its name as Spice Systems Ltd.