Its transformation began with industrialist and philanthropist Gujarmal Modi, who arrived with just Rs 400 and eventually built a large business empire. With his brother Kedar Nath Modi, he established the foundation of the Modi Group. AdvertisementHow Begumabad became ModinagarThe growth of Gujarmal Modi’s businesses changed Begumabad from a small settlement into an industrial centre. In 1945, the British government officially renamed the town Modinagar in recognition of Gujarmal Modi’s industrial contribution. Krishan Kumar Modi, Gujarmal Modi’s eldest son, later became associated with Godfrey Phillips, the tobacco company.