Balagopal Chandrasekhar is an inspiration for emerging entrepreneurs and aspiring civil servants alike. Despite securing the prestigious position of an Indian Administrative Services (IAS) officer, on his parents' wishes, Chandrasekhar took the bold decision to leave his IAS role at the young age of 30 and start a business of his own.
Over more than two decades in the business realm, he achieved the feat of establishing India's largest blood bag manufacturing company before eventually divesting his stake in the industrial giant.
Hailing from Kerala, Balagopal successfully cracked the UPSC civil services exam in 1976. Although he had earned a degree in economics and was pursuing a PhD, the 1977-batch IAS officer from the Manipur cadre chose to resign from the prestigious government position in 1983.
Along with his brother C Padmakumar, he ventured into the entrepreneurial arena by founding Penpol, a company focused on manufacturing biomedical devices.
Chandrasekhar's pivotal moment came during a visit to the R&D facility at the Sree Chitra Tirunal Institute for Medical Sciences and Technology in Thiruvananthapuram, where he encountered scientists who had successfully developed indigenous blood bags. Inspired by this discovery, Penpol initiated the production of blood bags in 1987, investing Rs 1 crore in the venture. His strategic acumen propelled the company to new heights when, in 1999, he established a joint venture with the global leader in the field, Japanese company Terumo. This collaboration led to the formation of Terumo Penpol, emerging as India's largest blood bag manufacturer.
In a significant move, Chandrasekhar divested his stake in the company to his Japanese partner in 2012, concluding a remarkable 26-year entrepreneurial journey. Since then, he has assumed roles such as Independent Director and Chairman of the Board at Federal Bank, a position he has held since November 2021.
