Modern India enters into a agreement with Gitanjali Gems

With reference to earlier announcement dated August 01, 2007 regarding the Company has entered into a Shareholders' Agreement with Gitanjali Gems Ltd to form a Joint Venture (JV) by way of subscription to equal no. of Equity Shares of Modali Distributors Pvt Ltd, Modern India Ltd has informed BSE that the name of the said Company has been changed to "Modali Gems Pvt Ltd" with effect from October 23, 2007.