Incorporated in Oct.'93 as a composite mill in India to manufacture fabric, Modern Mills (MML) was taken over by the present management in 1978. M P Jattia is the chairman. It has two plants, one in Mahalaxmi, Bombay, to manufacture textiles; and the second in Hubli, Karnataka, for food processing. It has also started undertaking real estate business.
In 1994-95, 30,00,000 equity shares of Rs 10 were subscribed by and allotted to the promoters. The manufacturing operations of the foods division were suspended. The company is examining the possibilities of restarting the unit, if found viable.
The company has handed over physical possession to BMC of the plot ear-marked for amenity purposes, as required under regulations.
During the year 1999-2000, since the net worth of the company has become positive, the company was out of the purview of BIFR. The company has also approved the scheme of amalgamation of the subsidiary Agrata Exports Ltd.
The company has entered into a joint venture for undertaking the business of conducting and running of a Business Centre from its premises.