Prominent industrialist and former civil servant C. Balagopal was appointed as the Chairperson of the Kerala State Industrial Development Corporation (KSIDC) on Friday. KSIDC is an agency of the Government of Kerala, mandated to for industrial and investment promotion in Kerala. Formed in 1961, KSIDC’s primary objective was to promote, facilitate and finance large and medium scale industries and catalyze the development of physical and social infrastructure required for industrial growth in the state.

Mr Balagopal, who founded the blood bag manufacturer Terumo Penpol, has previously served as the chairperson of Federal Bank. He entered the field of industrial entrepreneurship after resigning from the Indian Administrative Service in 1983.

Penpol launched

C. Balagopal resigned from the civil service and took a bold move to start a venture in the field of biomedical equipment manufacturing, which had no roots in Kerala back then. In 1983, C. Balagopal quit his post as an IAS officer and founded Peninsula Polymers (Penpol). Under his leadership, Penpol became a leading global company in blood bag manufacturing. Eventually, Penpol merged with the Japanese firm Terumo, and today, Terumo Penpol stands as one of the largest blood bag manufacturers in the world.

Balagopal's appointment is set to leverage his extensive experience as both a bureaucrat and an entrepreneur who built an enterprise from the ground up for the industrial development of the State. He has been an active supporter of startup initiatives, and his insights and approach are expected to provide valuable direction in promoting entrepreneurship and fostering a conducive environment for new businesses.

Set to lead a new mission

C. Balagopal consistently expresses optimism about Kerala's potential. He has always refuted the propaganda that adversely affects the State’s industrial environment with factual information. As Kerala moves ahead in implementing measures and reforms to create an industry-friendly environment, the business community is welcoming Balagopal's appointment with high expectations.