Modern India to develop mill land

Modern India Ltd has informed that the Company has made an application to the Government of Maharashtra, Urban Development Department seeking their permission to develop / redevelop the mill land.

Vide letter dated November 17, 2007 the said Government of Maharashtra, Urban Development Department has granted permission to the Company to develop / redevelop the mill land as per Regulation 58 of Revised Development Control Regulation Gr., Mumbai 1991.

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.

Modern India setsup SEZ

Modern India Ltd has informed that the Company planning to set up (IT / ITES SEZ (Information Technology / Information Technology Enabling Services) (Special Economic Zone) at Khopoli and the project will be implemented through a wholly owned subsidiary Company viz. Modern India Property Developers Ltd. In this regard the Company has further informed that the Board of Approval (BOA) of the Special Economic Zones (SEZs) has granted formal approval to the above project.