He is survived by two sons and two daughters.
Born in 1920 in a small village called Juvvalapalem in West Godavari district in a rich agricultural family, Raju studied pharmacy in the USA and set up a pharmaceutical company called South India Research Institute in 1950 in Vijayawada. Later, he extended his business to Hyderabad.
He participated in the freedom movement and became a member of the first Legislative Council of Andhra Pradesh. He was also elected as deputy chairman of the council.
Whenever Nehru and Indira Gandhi visited Vijaywada, they used to stay in his house as his guests.
Several industrialists and political leaders have expressed their grief over his death.
His body will be brought to Vijayawada for funeral tomorrow, his family said.