Modison Metals Limited’s board of directors has given approval to initiate the process of forming a joint venture company.
The new venture will be formed as a subsidiary company of Modison Metals Limited to manufacture tungsten metal products.
Also, the board has authorised G L Modi or Rajkumar Modi or Kumar Jay Modi to invest up to Rs 7 crore in the joint venture company and to sign related documents to complete the procedure.
Modison was founded as a trading unit in 1965, by G L Modi, to deal in tool steels and export of engineering and general merchandise.
A decade later in 1975, G L Modi established the first manufacturing facility in Mumbai (Bombay) for refining of silver and started exporting large quantities of refined silver to renowned bankers and dealers in Europe and USA.
Image Credit : image.slidesharecdn.com