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Modi Industries Ltd.

BSE: 507210 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Modi Industries Ltd
NSE 05:30 | 01 Jan Modi Industries Ltd

Modi Industries Ltd. (MODIINDS) - Company History

Incorporated way back in 1932, Modi Industries belongs to the M K Modi group. It came into being with a sugar unit put up by the Modi family patriarch -- the late Gujar Mal Modi. It soon expanded into other fields by setting up units manufacturing sugar, steel, vanaspati, soap, paint, lanterns, gas, liquor and electrodes. The company also served as a promoter for other Modi companies like Modipon in 1968; Modi Rubber in 1972; Modi Alkalies and Chemicals in 1984 and Bihar Sponge Iron in 1988. After renouncing its status of flagship company to Modi Rubber, the company's units drifted along till 1986-87. It was pushed deep into red and came into the BIFR fold during the early 90s. Presently out of the nine units, only three units -- sugar, vanaspati and distillery -- are performing satisfactorily in terms of capacity utilisation. The soap unit was closed down in Aug.'92 and the steel unit was closed down in Nov.'93. In Dec.'95, the company's electrode unit obtained the ISO 9002 certificate from Det Norske Veritas. During the year 1999-2000, the Company's electrode unit successfully upgraded its quality management system to ISO 9001 from ISO 9002 certification. During 2000-01, the company has put up a small refined sugar plant for manufacture of refined sugar.The trial has taken place and the plant will be fully operative from next season.