Learn Russian: Компания модернизирует производство сейчас. - The company is modernizing the production right now.

Модернизировать is a biaspectual verb, meaning it uses the exact same form for both the imperfective and perfective aspects. Here, the adverb сейчас tells us the action is currently ongoing. Since perfective verbs cannot describe ongoing present actions, модернизирует must be acting as an imperfective verb in this context.

What tense would this exact same verb form indicate if it were acting as a perfective verb?

If the context implied the perfective aspect, the form модернизирует would actually have a future meaning (will modernize). In Russian, perfective verbs do not have a true present tense; their present-tense conjugations always point to the future. That is why context words like сейчас or завтра are absolutely essential for resolving the meaning of biaspectual verbs.

Is there a trick to recognizing biaspectual verbs like модернизировать?

Yes! A vast majority of biaspectual verbs are foreign loanwords adapted into Russian using the suffix -ировать. As you build your B2 vocabulary, you will see this pattern constantly with technical, political, and professional terms, such as инвестировать (to invest), гарантировать (to guarantee), and арестовать (to arrest).

Why didn't the ending of производство change, given that it is the direct object receiving the action?