IDB approves $1 million in state grants for Graphic Controls Acquisition Corp (d/b/a Nisha Medical)

The Industrial Development Board approved side agreements on Nov. 12 to pass through two Tennessee Department of Economic and Community Development (ECD) grants to Graphic Controls Acquisition Corp, the Tennessee entity doing business as Nisha Medical. The board’s action allows the state grants to move forward while making clear the board is a pass‑through issuer and not the guarantor of the awards.

Mindy Barones, assistant commissioner for strategic initiatives at Tennessee ECD, told the board the package combines a $600,000 economic development grant with a $400,000 emerging‑industries grant tied to Nisha’s planned move of its engineering and research center to Nashville. “It’s 38 jobs, about 4,500,000 in capital investment,” Barones said, describing plans to site engineering, R&D and an innovation lab at Vanderbilt that will be available to other entrepreneurs.

Board members asked about the broader economic impact and oversight. Barones and other state staff said the state tracks direct jobs for grant compliance and runs indirect ROI reports internally; those reports can be provided to the board. Joshua with Metro Legal noted the formal contracts use the company’s Tennessee legal name: Graphic Controls Acquisition Corporation is the entity doing business as Nisha in Tennessee, and the side agreements before the board are intended to limit the IDB’s exposure.

The motion to approve the agreements was moved and seconded and the board carried the measure. The record shows Board member Yankee and the chair abstained. The ECD representatives said the grant money will support an on‑campus lab and innovation space at Vanderbilt and that the funds are intended to help retain Nisha’s engineering operations in the region.

Next steps include completing the state accountability agreements and allowing the developer and state to finalize the use of funds and any reporting required by the program.