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Mr Krishna Datla, Promoter and Managing Director of Fermenta Biotech Limited (FBL) today announced the appointment of Chief Executive Officer, Prashant Nagre, as the new Managing Director with effect from 9th May 2021. Mr Datla will continue as a Board member and the Executive Vice Chairman.
The last few years have witnessed implementation of significant strategic decisions being spearheaded by the management and Board of FBL, such as acquisition of equity shares from its earlier PE investor followed by the merger with its parent company for enhancing operational synergies. The current announcement is another such step taken by the promoters towards inculcating greater professionalization of the company to fuel its growth ambitions.
Prashant Nagre joined FBL in 2010 as the Chief Operating Officer and in two years, was elevated to the position of Chief Executive Officer. Since then, he has led corporate strategy, business operations and demand-driven innovation for FBL’s three business verticals viz., Vitamin D and other APIs, Integrated Biotechnology and Environmental Solutions. Under the leadership of Mr Datla, during Prashant’s tenure, FBL has expanded from a solely domestic-focused business to a global vitamin player, with more than 70% of revenues now arising from exports. Prashant will also be responsible for steering the company’s efforts to foray into the nutrition segment by developing a future-ready organization with a value-added portfolio.
Mr Krishna Datla commented, “Prashant has led various transformational milestones for accelerating the organization’s progress, and we have immense faith in his leadership. As the company is evolving into a global entity, we think, Prashant is aptly suited to achieve our strategic vision. Prashant’s track record at FBL coupled with his vast professional experience will be instrumental in driving the next phase of growth. We welcome Prashant on the Board and look forward to taking our success to newer heights.”
Commenting on his new role, Prashant Nagre said, “It has been a privilege to serve the organization for more than a decade. It is with great humility that I accept my new role, and I am honoured to lead the team at such an exciting time for the company. Moving ahead, I am confident that FBL will enter a new chapter in its growth story and will continue to strive towards creating a better future for all our stakeholders.”