Nimmagadda Prasad
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Nimmagadda Prasad | |
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Krishna District, Andhra Pradesh, India | |
Education | |
Occupation | Entrepreneur |
Nimmagadda Prasad (born 11 October 1961) is an Indian
With master's degrees in Physics and
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.[3] 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.[4]
In a span of 6 years, Nimmagadda built Matrix to a US$1.03 billion enterprise before it was acquired by US-based
Nimmagadda has played a vital role in establishing
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 ₹3.5 billion (equivalent to ₹11 billion or US$140 million in 2023) in 7 years.[7]
In 2015, Maa TV was acquired by
In 2008, Nimmagadda joined as a local partner with the
Currently, Nimmagadda has forayed into sports as a business by partnering with Sachin Tendulkar, Chiranjeevi and Allu Arvind.[11] Their Consortium owns teams across different sports:
- Football team, Kerala Blasters, a team in the Indian super league.[12]
- Badminton team, Benguluru Blasters, in the Premier Badminton League (PBL).[13]
- Lately, they have acquired a team in the Pro Kabaddi League, Tamil Thalaivas. It's one of the four new teams introduced in season 5 of the league.[14][15]
The consortium actively promotes grassroots and youth development programs for all these sports.[16]
Nimmagadda contributed substantially towards the establishment of Pullela Gopichand’s badminton academy in its formative years.[17]
In 2006, Nimmagadda sold off his majority shares in Matrix Pharmaceutical to
Early life
Son of an army officer, Nimmagadda obtained his BSc degree from Babu Jagjivanram Govt. College, Hyderabad, and then his MSc from the
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
Matrix Laboratories
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.[1] 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 2006, Nimmagadda sold off his majority shares in Matrix to
Philanthropy
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 ₹300 million (equivalent to ₹960 million or US$12 million in 2023) with his staff for their housing and children's education through the Matrix Employees Welfare Association (MEWA).[3][22]
He is known in the social world for his contribution through “Project Hope” in developing cost effective medicines for HIV/AIDS treatment.[24] 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.[25][26][27]
Pullela Gopichand's unwavering commitment that made his academy a powerhouse of badminton was backed and part funded by Nimmagadda.[28] 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 ₹50 million (equivalent to ₹170 million or US$2.1 million in 2023) to the Pullela Gopichand academy.[29] The academy produced world class players: Saina Nehwal, Srikanth Kidambi, Parupalli Kashyap, P. V. Sindhu, Arundhati Pantawane, Gurusai Datt and Arun Vishnu.
Other investments
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.
Nimmagadda was on the executive board of the Indian School of Business(ISB), Hyderabad, besides his association with several academic, research and business organisations. After his arrests, he had to resign from most such posts, such as the Indian School of Business.[30]
Arrest and attachment of properties
On 17 May 2012, Nimmagadda Prasad was questioned for several days and eventually arrested by the CBI. He was lodged in
In March 2014, in one of the largest criminal actions under the
On 22 Sep 2016, Bahamas papers revealed that he has 28 secret companies at
"I would not like to discuss this issue over phone. We can meet personally and talk about it. I will tell you everything," Nimmagadda has been quoted as telling the Express. This was followed by calls by his office later canceling a total of three appointments that had been fixed, the Express said.
Despite facing challenges due to political ties and ambitious ventures, which even led to his arrest, he navigated through controversy. In a pivotal moment on July 28, 2022, the Telangana High Court dismissed the Central Bureau of Investigation charge sheet in the VANPIC case. Then, in a major breakthrough on July 7, 2023, the Enforcement Directorate liberated his assets, worth Rs 11,000 crore, from attachment, signifying his remarkable resilience amidst adversity.[33][34]
See also
References
- ^ a b "List of Private Companies Worldwide, Letter – Businessweek". Investing.businessweek.com. Retrieved 17 September 2012.[dead link]
- ^ M. Somasekhar (16 May 2012). "The rise and fall of Matrix Prasad". BusinessLine. The Hindu. Retrieved 17 September 2012.
- ^ a b c d C. R. Sukumar (29 August 2006). "Nimmagadda Prasad: 'Fastest wealth creator' in Indian pharma space". BusinessLine. The Hindu. Retrieved 19 March 2018.
- ^ J. Padmapriya (21 July 2007). "Masterminded Matrix Lab's rise to the top". The Economic Times. Bennett, Coleman & Co. Retrieved 27 August 2021.
- ^ "US pharma major Mylan buys Matrix Labs". The Economic Times. Bennett, Coleman & Co. 29 August 2006. Retrieved 19 March 2018.
- ^ Balakrishnan, Reghu (6 July 2015). "Hinduja-Everstone consortium in race to buy CARE Hospitals". Mint. Retrieved 27 August 2021.
- ^ "Telugu stars, Matrix Labs promoter to take 60% stake in Maa TV". Indian Television. 23 March 2006. Retrieved 27 August 2021.
- ^ "STAR India acquires MAA TV's broadcast business for Rs 2.5k cr". Business Standard. 12 February 2015. Retrieved 27 August 2021.
- ^ Annual Activity Report (PDF) (Report) (2007–2008 ed.). L V Prasad Eye Institute. 3 November 2008. Retrieved 27 August 2021.
- ^ Sharma, E. Kumar (12 February 2015). "Maa TV's Nimmagadda Prasad hits the jackpot again". Business Today. India Today Group. Retrieved 27 August 2021.
- ^ "Chiranjeevi, Nagarjuna join Tendulkar as Blasters co-owners". The Times of India. Bennett, Coleman & Co. Press Trust of India. 1 June 2016. Retrieved 27 August 2021.
- ^ "Sachin Tendulkar becomes co-owner of PBL franchise". The Indian Express. Press Trust of India. 9 December 2016. Retrieved 27 August 2021.
- ^ "Premier Badminton League 2017: Sachin Tendulkar Picks Up Stake in Bengaluru Blasters". News18. Press Trust of India. 8 December 2016. Retrieved 27 August 2021.
- ^ "Sachin Tendulkar owns team in Pro Kabbadi League". The New Indian Express. Press Trust of India. 12 May 2017. Retrieved 27 August 2021.
- ^ Choudhary, Vidhi (12 May 2017). "Sachin Tendulkar, JSW, Adani among owners of new Pro Kabaddi League teams". Mint. Retrieved 27 August 2021.
- ^ "Hyderabad Football Academy, Kerala Blasters to groom talent". BusinessLine. The Hindu. 17 August 2017. Retrieved 27 August 2021.
- ^ V. V. Subrahmanyam (12 May 2017). "Why kabaddi, why Chennai? Tendulkar explains". The Hindu. Retrieved 27 August 2021.
- ^ "Jagan Mohan Reddy's judicial custody extended". NDTV. Press Trust of India. 13 August 2013. Retrieved 27 August 2021.
- ^ Janyala, Sreenivas (17 May 2012). "Prasad put Rs 850 cr in Jagan firms: CBI". The Indian Express. Retrieved 27 August 2021.
- ^ a b "Quid-pro-quo case: Nimmagadda Prasad, K V Brahmananda get bail". DNA. Diligent Media Corporation. Press Trust of India. 7 October 2013. Retrieved 27 August 2021.
- ^ "Nimmagadda Prasad who?". The Financial Express. The Indian Express. 2 September 2006. Retrieved 27 August 2021.
- ^ ISSN 0971-751X. Retrieved 17 September 2012.
- ^ a b B. Krishna Prasad (19 August 2011). "Who is Matrix Prasad?". Times of India.
- ^ "Nimmagadda Prasad joins TeachAids Advisory Board". TeachAids. 16 June 2010. Retrieved 19 March 2018.
- ^ G. Singa Rao (3 January 2004). "Matrix revolutions". Business Standard. Retrieved 19 March 2018.
- ^ Angelillo, John (6 August 2009). Former President Bill Clinton, Pfizer and Mylan announce lower prices for HIV Drugs in Developing Countries in New York (Photo). United Press International. Retrieved 19 March 2018.
- ^ "Clinton Foundation, Global Fund, World Bank, UNICEF Extend Low-Cost Generic AIDS Drug Prices to More Than 100 Countries". Kaiser Health News. 6 April 2004. Retrieved 19 March 2018.
- ^ M. Ratnakar (11 August 2013). "How Gopichand made Hyderabad India's badminton capital". The Times of India. Bennett, Coleman & Co. Times News Network. Retrieved 27 August 2021.
- ^ Amirapu, Deepika (20 August 2016). "How Indian badminton rocketed on the Gopichand shuttle". Thread. The Hindu. Retrieved 27 August 2021.
- ^ M. Rajeev (20 June 2012). "B-school frets over one-time mentor's plight". The Hindu. Retrieved 27 August 2021.
- ^ Koppula, Nagaraju (6 June 2012). "Balance in Jagan's jail Account: Rs 2,900". The New Indian Express. Retrieved 27 August 2021.
- ^ "Enforcement Directorate attaches Rs 863 crore assets of Jaganmohan Reddy, others for laundering". The Economic Times. Bennett, Coleman & Co. Press Trust of India. 5 March 2014. Retrieved 27 August 2021.
- ^ "Vanpic case: HC strikes down CBI charge sheet". 28 July 2022.
- ^ "Court releases 11,000 acres attached by ED". The Times of India. 9 July 2023.