Nimmagadda Prasad

Nimmagadda Prasad (born 11 October 1961) is an Indian industrialist from Andhra Pradesh, India.

He is known for his ventures in the Pharmaceutical and Television industries, and is involved in philanthropic activities through Nimmagadda Foundation.

With master's degrees in Physics and Business Administration, Nimmagadda made a humble beginning as a company executive.

Nimmagadda started his career as a management trainee in Indian Molasses Company in Delhi (an associate of United Molasses Company, UK) in 1984 and was promoted to salesman at Rhone Poulenc Chemicals (the company later merged with Hoechst AG to form Aventis, and then to Vorin Laboratories as general manager of marketing in 1993, from his continuous efforts was elevated to managing director in 1995. When Indian pharma market leader Ranbaxy Ltd. acquired Vorin, Nimmagadda was re-designated Senior managing director and chief executive officer.

With over 15 years of professional experience in multinational pharmaceutical environment, Nimmagadda turned entrepreneur in the year 2000 by acquiring a sick pharmaceutical company in Hyderabad, and made it a great turnaround company, Matrix Laboratories Limited.

With good product innovation, manufacturing scale, leadership, global marketing footprint and M&A Strategy, Nimmagadda steered Matrix Laboratories as one of the major pharmaceutical companies in India.

In 2000, Nimmagadda took over the sick pharmaceuticals company Herren Drugs, and renamed it Matrix Laboratories, and obtained US FDA clearance for the manufacturing facilities in Hyderabad.

Matrix grew dramatically through a series of mergers and acquisitions.

Nimmagadda acquired Medicorp Technologies in May 2003, Vorin Labs in September 2003, Vera Laboratories, Fine Drugs & Chemicals the same year 2004 and a controlling stake in Concord Biotech in 2006.

Nimmagadda set his eyes on the global pharma-scape by acquiring Belgium-based Docpharma in June 2005, and a controlling stake in China's McChem Group.

He also floated a JV South Africa's Aspen Pharmacare in September 2005, and picked 43% stake in Switzerland's Explora Laboratories SA the same year.

In a span of 6 years, Nimmagadda built Matrix to a US$1.03 billion enterprise before it was acquired by US-based Mylan N.V. in 2006.

Nimmagadda has played a vital role in establishing Care Hospitals and Asian Institute of Gastroenterology (AIG), two leading healthcare centres started in Hyderabad.

He served as a board member and was also an investor in both.

Nimmagadda continued his entrepreneurial journey by acquiring Maa TV in 2006, along with Nagarjuna being the largest shareholder of the channel, and made it a leading Telugu General Entertainment Channel network.

The revenue of the company has grown to inr 3500000000 in 7 years.

In 2006, Nimmagadda sold off his majority shares in Matrix Pharmaceutical to Mylan Laboratories, USA, a large generic Pharmaceutical Company.

For his achievements, the state government has honoured him with the "Best Management Award" in 2006.

In 2006, Nimmagadda sold off his majority shares in Matrix to Mylan Laboratories, US, a large generic pharmaceutical company.

From an initial investment of inr 30000000, Nimmagadda retained 5% in Matrix, and made about inr 5700000000 in the transaction in which Mylan picked up a 71.5% stake in Matrix laboratories.

Nimmagadda implemented his belief that 'the best way to enhance knowledge and wealth is to share it' by sharing his personal wealth of 2 million shares worth around inr 300000000 with his staff for their housing and children's education through the Matrix Employees Welfare Association (MEWA).

He is known in the social world for his contribution through “Project Hope” in developing cost effective medicines for HIV/AIDS treatment.

Matrix signed a major deal with the Clinton Foundation for the supply of anti-AIDS drugs as part of the latter's initiatives in Developing Countries.

Pullela Gopichand's unwavering commitment that made his academy a powerhouse of badminton was backed and part funded by Nimmagadda.

In the early days when he was struggling to raise funds, Nimmagadda saw the need to develop and encourage an alternative sport to Cricket and donated inr 50000000 to the Pullela Gopichand academy. The academy produced world class players: Saina Nehwal, Srikanth Kidambi, Parupalli Kashyap, P. V. Sindhu, Arundhati Pantawane, Gurusai Datt and Arun Vishnu.

Subsequently, Nimmagadda invested his capital in healthcare – CARE hospitals and Asian Institute of Gastroenterology.

He also invested in stent manufacturer Relisys, and some genomic research-based companies.

In the media business, he invested in MAA TV.

In 2008, Nimmagadda joined as a local partner with the Ras al-Khaimah for the implementing of a mega infrastructure project under the umbrella of VANPIC for the development of a world-class port-based integrated industrial corridor in the coastal region of Andhra Pradesh.

This project was expected to transform the hitherto agri-based Guntur and Prakasam districts of Andhra Pradesh into major industrial hubs.

With regards to VANPIC project, Nimmagadda is embroiled in the alleged disproportionate assets case against Y. S. Jaganmohan Reddy, president of YSR Congress.

Currently, Nimmagadda has forayed into sports as a business by partnering with Sachin Tendulkar, Chiranjeevi and Allu Arvind.

Their Consortium owns teams across different sports:

The consortium actively promotes grassroots and youth development programs for all these sports.

Nimmagadda contributed substantially towards the establishment of Pullela Gopichand’s badminton academy in its formative years.

On the other hand, in 2012, he was jailed during CBI's investigation on Y. S. Jaganmohan Reddy's Disproportionate Assets, for allegedly having paid inr 8500000000 on a quid pro quo amounting to inr 14260000000 investments in VANPIC and other firms held by him, during Y. S. Rajasekhara Reddy's government.

However, these assets were subsequently attached by the Enforcement Directorate of India, and Nimmagadda was granted bail after seventeen months.

Son of an army officer, Nimmagadda obtained his BSc degree from [http://www.bjrgdc.in/ Babu Jagjivanram Govt.

College, Hyderabad], and then his MSc from the University of Delhi, followed by a post graduate diploma in management from Institute of Management Technology, Ghaziabad.

In 2015, Maa TV was acquired by Star India, a wholly owned subsidiary of Rupert Murdoch-owned 21st Century Fox for a consideration of about inr 23000000000.