Modern Industrial Corporation was established in 1956 in Mangalore, Karnataka, and is a well-known manufacturer, supplier, and exporter of high-quality rice. The company emphasizes modern processing techniques to deliver rice with superior nutritional value. The origins trace back to Ullal Vaman Subray Mallya, who founded Mallya Soap Works in 1917. In 1956, four of his sons—Ullal Kamalaksha Mallya, Ullal Rajaram Mallya, Ullal Venkatraya Mallya, and Ullal Subray Mallya—began rice production on a small scale under the name Mallya Brothers and Company. In 1958, Ullal Venkatraya Mallya took over and renamed it Modern Industrial Corporation. The company pioneered modern rice processing in the region. It introduced the first steam boiler for producing boiled rice and developed a mechanical paddy dryer in 1961, replacing traditional drying methods.

After the passing of Ullal Venkatraya Mallya in 1976, his sons Ullal Sudharshan Mallya and Ullal Vinod Kumar Mallya modernized and expanded the business. Over time, newer generations, including Ullal Nandan Mallya and Ullal Venkatraya Mallya (junior), joined the firm and contributed to its growth and quality improvements. The company specializes in Palakkadan Matta rice and Palakkadan Vadi rice, which have been exported to Gulf countries, Australia, and the UK.

To support expansion, a second advanced manufacturing unit was established in 2001 at Guruvainkere near Belthangady, becoming operational in 2002. This facility has a capacity of 70 tons per day, bringing the combined production capacity to 100 tons per day. The plant features modern storage, automated packing, and fumigation systems, ensuring hygienic and efficient operations.