Nimmagadda Prasad
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Nimmagadda Prasad (born 11 October 1961) is an Indian
industrialist A business magnate, also known as an industrialist or tycoon, is a person who is a powerful entrepreneur and investor who controls, through personal enterprise ownership or a dominant shareholding position, a firm or industry whose goods or ser ...
from
Andhra Pradesh Andhra Pradesh (ISO 15919, ISO: , , AP) is a States and union territories of India, state on the East Coast of India, east coast of southern India. It is the List of states and union territories of India by area, seventh-largest state and th ...
,
India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...
. He is known for his ventures in the
Pharmaceutical Medication (also called medicament, medicine, pharmaceutical drug, medicinal product, medicinal drug or simply drug) is a drug used to diagnose, cure, treat, or prevent disease. Drug therapy ( pharmacotherapy) is an important part of the ...
and Television industries, and is involved in philanthropic activities through Nimmagadda Foundation. With master's degrees in Physics and
Business Administration Business administration is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. Overview The administration of a business includes the performance o ...
, Nimmagadda made a humble beginning as a company executive. 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 Hyderabad is the capital and largest city of the Indian state of Telangana. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part of Southern India. With an average altitude of , much ...
, 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 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 an
Asian Institute of Gastroenterology
(AIG), two leading healthcare centres started in
Hyderabad Hyderabad is the capital and largest city of the Indian state of Telangana. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part of Southern India. With an average altitude of , much ...
. He served as a board member and was also an investor in both. Nimmagadda continued his entrepreneurial journey by acquiring
Maa TV Star Maa is an Indian Telugu-language general entertainment pay television channel owned by JioStar, a joint venture between Viacom18 and Disney India. It primarily telecasts programmes such as serials, reality shows and Telugu films. History ...
in 2006, along with
Nagarjuna Nāgārjuna (Sanskrit: नागार्जुन, ''Nāgārjuna''; ) was an Indian monk and Mahayana, Mahāyāna Buddhist Philosophy, philosopher of the Madhyamaka (Centrism, Middle Way) school. He is widely considered one of the most importa ...
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 in 7 years. In 2015, Maa TV was acquired by
Star India Disney Star (also known as JioStar), registered as JioStar India Private Limited, is an Indian media conglomerate joint venture owned with a share of 16.34% by Reliance Industries, 46.82% by Viacom18 and 36.84% by Disney India. On 14 Nove ...
, a wholly owned subsidiary of
Rupert Murdoch Keith Rupert Murdoch ( ; born 11 March 1931) is an Australian - American retired business magnate, investor, and media mogul. Through his company News Corp, he is the owner of hundreds of List of assets owned by News Corp, local, national, a ...
-owned
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for a consideration of about . In 2008, Nimmagadda joined as a local partner with the
Ras al-Khaimah Ras Al Khaimah (; ), often referred to its initials RAK, is the largest city and capital of the Emirate of Ras Al Khaimah in the U.A.E. The city had a population of 191,753 in 2025, and is the sixth-most populous city in UAE after Dubai, Abu ...
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 Sachin Ramesh Tendulkar (; ; born 24 April 1973) is an Indian former international cricketer who List of India national cricket captains#Men's cricket, captained the Indian national team. He is widely regarded as one of the greatest cricketer ...
, Chiranjeevi and Allu Arvind. Their Consortium owns teams across different sports: * Football team, Kerala Blasters, a team in the
Indian super league The Indian Super League (ISL) is a professional association football league in India and the highest level of the Indian football league system. Administered by the All India Football Federation (AIFF) and its commercial partner Football Sport ...
. * Badminton team, Benguluru Blasters, in the Premier Badminton League (PBL). * 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. 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. 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. 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 on a
quid pro quo ''Quid pro quo'' (Latin: "something for something") is a Latin phrase used in English to mean an exchange of goods or services, in which one transfer is contingent upon the other; "a favor for a favor". Phrases with similar meanings include: " ...
amounting to 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 The Enforcement Directorate (ED) is a law enforcement and economic intelligence agency of the Government of India. Established on 1 May 1956, it is responsible for enforcing economic laws and combating financial crimes. The ED operates under th ...
of India, and Nimmagadda was granted bail after seventeen months.


Early life

Son of an army officer, Nimmagadda obtained his BSc degree fro
Babu Jagjivanram Govt. College, Hyderabad
and then his MSc from the
University of Delhi The Delhi University (DU, ISO 15919, ISO: ), also and officially known as the University of Delhi, is a collegiate university, collegiate research university, research Central university (India), central university located in Delhi, India. It ...
, followed by a post graduate diploma in management from Institute of Management Technology,
Ghaziabad Ghaziabad () is a city in the Indian state of Uttar Pradesh and a part of Delhi NCR. It is the administrative headquarters of Ghaziabad district and is the largest city in Western Uttar Pradesh, with a population of 1,729,000. Ghaziaba ...
. 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 Ranbaxy Laboratories Limited was an Indian multinational pharmaceutical company that was incorporated in India in 1961 and remained an entity until 2014. The company went public in 1973. Ownership of Ranbaxy changed twice over the course of its ...
Ltd. acquired Vorin, Nimmagadda was re-designated Senior managing director and chief executive officer.


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 Hyderabad is the capital and largest city of the Indian state of Telangana. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part of Southern India. With an average altitude of , much ...
. 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 Mylan Laboratories, US, a large generic pharmaceutical company. From an initial investment of , Nimmagadda retained 5% in Matrix, and made about in the transaction in which Mylan picked up a 71.5% stake in Matrix laboratories.


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 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 to the Pullela Gopichand academy. The academy produced world class players: Saina Nehwal,
Srikanth Kidambi Srikanth Kidambi (born 7 February 1993) is an Indian badminton player. Known for his powerful smashes and quick footwork, he became the first Indian male to reach the World No. 1 ranking in the BWF World Rankings in April 2018. He made history ...
, 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 In medicine, a stent is a tube usually constructed of a metallic alloy or a polymer. It is inserted into the Lumen (anatomy), lumen (hollow space) of an anatomic vessel or duct to keep the passageway open. Stenting refers to the placement of ...
manufacturer Relisys, and some genomic research-based companies. In the media business, he invested in
MAA TV Star Maa is an Indian Telugu-language general entertainment pay television channel owned by JioStar, a joint venture between Viacom18 and Disney India. It primarily telecasts programmes such as serials, reality shows and Telugu films. History ...
. Nimmagadda was on the executive board of the
Indian School of Business The Indian School of Business (ISB) is a private business school with campuses in Hyderabad and Mohali, India. It offers various post-graduate management programs. History The Indian School of Business (ISB) was started in 1996 by a bunch of b ...
(ISB),
Hyderabad Hyderabad is the capital and largest city of the Indian state of Telangana. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part of Southern India. With an average altitude of , much ...
, 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 The Indian School of Business (ISB) is a private business school with campuses in Hyderabad and Mohali, India. It offers various post-graduate management programs. History The Indian School of Business (ISB) was started in 1996 by a bunch of b ...
.


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 Chanchalguda jail, where he was always seen carrying a bottle of mineral water. After several failed attempts, he was eventually granted bail after seventeen months, in October 2013. In March 2014, in one of the largest criminal actions under the Prevention of Money Laundering Act, the Enforcement Directorate (ED) attached about 15 billion of assets of Nimmangada Prasad and his companies: G2 corporate Services Ltd, Alpha villas Pvt Ltd, Alpha Avenues Pvt Ltd, Gilchrist Investment Pvt Ltd, Suguni Constructions Pvt Ltd and Beta Avenues Pvt Ltd. ED claimed that Nimmagadda had obtained illegal benefits of in his firms, and made the
quid pro quo ''Quid pro quo'' (Latin: "something for something") is a Latin phrase used in English to mean an exchange of goods or services, in which one transfer is contingent upon the other; "a favor for a favor". Phrases with similar meanings include: " ...
investment worth into Jagan Reddy's companies. On 22 Sep 2016, Bahamas papers revealed that he has 28 secret companies at Secundrabad. Prasad and Prakash Nimmagadda, with interests in real estate to pharmaceuticals, is another set of names. Nimmagadda is already being probed by the Central Bureau of Investigation in another case, which had also arrested him in May 2012, and got bail 17 months later, the newspaper said. "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 The Central Bureau of Investigation (CBI) is the domestic crime investigating agency of India. It operates under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions. Originally set up to investigate bribery and gover ...
charge sheet in the VANPIC case. Then, in a major breakthrough on July 7, 2023, the
Enforcement Directorate The Enforcement Directorate (ED) is a law enforcement and economic intelligence agency of the Government of India. Established on 1 May 1956, it is responsible for enforcing economic laws and combating financial crimes. The ED operates under th ...
liberated his assets, worth Rs 11,000 crore, from attachment, signifying his remarkable resilience amidst adversity.


See also

* Nimmagadda Foundation


References

{{DEFAULTSORT:Nimmagadda, Prasad Living people Kerala Blasters FC owners People from Krishna district Telugu people 1961 births Indian businesspeople in the pharmaceutical industry Businesspeople from Andhra Pradesh Corruption in Andhra Pradesh