Page 14 - Bullion World Volume 04 issue 12 December 2024

P. 14

Journey of named G.L. Modi embarked on a journey that
would redefine the electrical contacts and
G.L. Modi precious metals industries in India. Starting
as a modest trading unit in Mumbai dealing in

and Modison tool steels and general merchandise, Modi’s
venture soon transformed into a pioneering
entity that would leave an indelible mark on
Limited India’s industrial landscape. Driven by an
unrelenting desire to innovate and overcome
challenges, G.L. Modi’s story is one of grit,
vision, and a commitment to excellence that
has resonated across decades.

From Trade to Silver Refining

In his early years, G.L. Modi was involved in trading
silver, a commodity his family dealt with primarily
for speculative purposes rather than physical trade.
The game-changing moment came in 1974 when
the Indian government, led by Prime Minister Indira
Gandhi, permitted the export of silver. This policy shift
presented an unprecedented opportunity for Indian
businesses. Mr Modi, with his sharp entrepreneurial
instincts, immediately recognized the potential
and decided to venture into silver refining, even
though he had limited resources and experience in
manufacturing.

With courage and an investment that stretched his
financial capacity, Mr Modi established a silver
refining unit in Mumbai in 1975. Starting as a one-
man operation with little more than an engineering
background and a relentless work ethic, he faced
significant challenges. Yet, within a matter of
months, Mr Modi's company became the largest
exporter of silver in India. His success was not
just a testament to his technical skills but also to his
foresight and ability to seize opportunities where
others hesitated.

However, Mr Modi did not rest on this success. He
understood that relying solely on silver refining could
be risky, particularly if the supply of silver faced
disruptions. Always thinking ahead, he decided to
diversify into manufacturing silver alloys, wires, plates,
strips, and electrical contacts for the switchgear
industry. This strategic decision marked the birth of
Modison Metals Ltd. and laid the foundation for a
legacy of innovation.

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