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{{short description|Indian businessman}}
{{Family name hatnote|Nimmagadda|lang=Telugu}}
{{EngvarB|date=September 2014}}
{{Use dmy dates|date=September 2014}}
{{multiple issues|
{{close connection|date=December 2020}}
{{lead too long|date=December 2020}}
{{like resume|date=December 2020}}
}}
{{Infobox person
| name = Nimmagadda Prasad
| image = Prasad Nimmagadda.jpg
| birth_date = {{Birth date and age|df=yes|1961|10|11}}
| birth_place = [[Krishna District]], Andhra Pradesh [[India]]
| education = [[Delhi University]]<br>[[Institute of Management Technology, Ghaziabad]]
| occupation = Entrepreneur
}}

'''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]].<ref name="hbl">{{cite news |url=http://investing.businessweek.com/research/stocks/private/person.asp?personId=8745236 |title=List of Private Companies Worldwide, Letter – Businessweek |publisher=Investing.businessweek.com |accessdate=17 September 2012}}</ref><ref>{{cite news |author=M. Somasekhar |url=http://www.thehindubusinessline.com/companies/article3425955.ece |title=The rise and fall of Matrix Prasad |work=BusinessLine |publisher=The Hindu |date=16 May 2012 |accessdate=17 September 2012}}</ref>

With master's degrees in Physics and [[Business Administration]], 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]], and made it a great turnaround company, '''Matrix Laboratories Limited'''.<ref name="fastest-wealth-creator">{{cite web |url=https://www.thehindubusinessline.com/todays-paper/Nimmagadda-Prasad-%60Fastest-wealth-creator-in-Indian-pharma-space/article20219272.ece |title=Nimmagadda Prasad: `Fastest wealth creator' in Indian pharma space |date=29 August 2006 |author=C. R. Sukumar |work=BusinessLine |publisher=The Hindu |access-date=2018-03-19}}</ref> 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.<ref>{{cite news |author1=J. Padmapriya |title=Masterminded Matrix Lab’s rise to the top |url=https://economictimes.indiatimes.com/news/company/corporate-trends/masterminded-matrix-labs-rise-to-the-top/articleshow/2222414.cms |access-date=27 August 2021 |work=The Economic Times |publisher=Bennett, Coleman & Co. |date=21 July 2007}}</ref>

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.<ref>{{Cite news |url=https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/us-pharma-major-mylan-buys-matrix-labs/articleshow/1933573.cms?prtpage=1 |title=US pharma major Mylan buys Matrix Labs |date=2006-08-29 |work=The Economic Times |publisher=Bennett, Coleman & Co. |access-date=2018-03-19}}</ref>

Nimmagadda has played a vital role in establishing [[Care Hospitals]] and [http://aigindia.net/aboutus.html Asian Institute of Gastroenterology] (AIG), two leading healthcare centres started in [[Hyderabad (India)|Hyderabad]]. He served as a board member and was also an investor in both.<ref>{{cite news |last1=Balakrishnan |first1=Reghu |title=Hinduja-Everstone consortium in race to buy CARE Hospitals |url=https://www.livemint.com/Companies/L8WPGuguNw40Lc0L1axxkM/HindujaEverstone-consortium-in-race-to-buy-CARE-Hospitals.html |access-date=27 August 2021 |work=Mint |date=6 July 2015}}</ref>

Nimmagadda continued his entrepreneurial journey by acquiring [[Star Maa|Maa TV]] in 2006, along with [[Nagarjuna (actor)|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 {{INRConvert|3.5|b|year=2006}} in 7 years.<ref>{{cite news |title=Telugu stars, Matrix Labs promoter to take 60% stake in Maa TV |url=https://www.indiantelevision.com/headlines/y2k6/sep/sep233.htm |access-date=27 August 2021 |work=Indian Television |date=23 March 2006}}</ref>

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 {{INRConvert|23|b|year=2015}}.<ref>{{cite news |title=STAR India acquires MAA TV's broadcast business for Rs 2.5k cr |url=https://www.business-standard.com/article/companies/star-india-acquires-maa-tv-broadcast-business-for-around-rs-2-500-crore-115021100616_1.html |access-date=27 August 2021 |work=Business Standard |date=12 February 2015}}</ref>

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.<ref>{{cite report |title=Annual Activity Report |date=3 November 2008 |publisher=L V Prasad Eye Institute |edition=2007–2008 |url=https://www.lvpei.org/assets/images/about/annual-report/LVPEI-AR-2007-08.pdf |access-date=27 August 2021}}</ref> With regards to VANPIC project, Nimmagadda is embroiled in the alleged disproportionate assets case against [[Y. S. Jaganmohan Reddy]], president of [[YSR Congress]].<ref>{{cite news |last1=Sharma |first1=E. Kumar |title=Maa TV's Nimmagadda Prasad hits the jackpot again |url=https://www.businesstoday.in/latest/corporate/story/maa-tv-nimmagadda-prasad-hits-the-jackpot-again-143158-2015-02-12 |access-date=27 August 2021 |work=Business Today |publisher=India Today Group |date=12 February 2015}}</ref>

Currently, Nimmagadda has forayed into sports as a business by partnering with [[Sachin Tendulkar]], [[Chiranjeevi]] and [[Allu Aravind|Allu Arvind]].<ref>{{cite news |title=Chiranjeevi, Nagarjuna join Tendulkar as Blasters co-owners |url=https://timesofindia.indiatimes.com/city/thiruvananthapuram/Chiranjeevi-Nagarjuna-join-Tendulkar-as-Blasters-co-owners/articleshow/52535786.cms |access-date=27 August 2021 |work=The Times of India |agency=Press Trust of India |publisher=Bennett, Coleman & Co. |date=1 June 2016}}</ref> Their Consortium owns teams across different sports:
* Football team, [[Kerala Blasters FC|Kerala Blasters]], a team in the [[Indian Super League|Indian super league]].<ref>{{cite news |title=Sachin Tendulkar becomes co-owner of PBL franchise |url=https://indianexpress.com/article/sports/badminton/sachin-tendular-picks-stake-in-pbl-franchise-4417352/ |access-date=27 August 2021 |work=The Indian Express |agency=Press Trust of India |date=9 December 2016}}</ref>
* Badminton team, [[Bengaluru Blasters|Benguluru Blasters]], in the [[Premier Badminton League]] (PBL).<ref>{{cite news |title=Premier Badminton League 2017: Sachin Tendulkar Picks Up Stake in Bengaluru Blasters |url=https://www.news18.com/news/sports/premier-badminton-league-2017-sachin-tendulkar-picks-up-stake-in-bengaluru-blasters-1320746.html |access-date=27 August 2021 |work=News18 |agency=Press Trust of India |date=8 December 2016}}</ref>
* 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.<ref>{{cite news |title=Sachin Tendulkar owns team in Pro Kabbadi League |url=https://www.newindianexpress.com/sport/other/2017/may/12/sachin-tendulkar-owns-team-in-pro-kabbadi-league-1604074.html |access-date=27 August 2021 |work=The New Indian Express |agency=Press Trust of India |date=12 May 2017}}</ref><ref>{{cite news |last1=Choudhary |first1=Vidhi |title=Sachin Tendulkar, JSW, Adani among owners of new Pro Kabaddi League teams |url=https://www.livemint.com/Sports/VKEgNotyLGZSAaPh01U5TL/Sachin-Tendulkar-JSW-Adani-among-owners-of-new-Pro-Kabaddi.html |access-date=27 August 2021 |work=Mint |date=12 May 2017}}</ref>
The consortium actively promotes grassroots and youth development programs for all these sports.<ref>{{cite news |title=Hyderabad Football Academy, Kerala Blasters to groom talent |url=https://www.thehindubusinessline.com/news/sports/hyderabad-football-academy-kerala-blasters-to-groom-talent/article9821357.ece |access-date=27 August 2021 |work=BusinessLine |publisher=The Hindu |date=17 August 2017}}</ref>

Nimmagadda contributed substantially towards the establishment of [[Pullela Gopichand]]’s badminton academy in its formative years.<ref>{{cite news |author1=V. V. Subrahmanyam |title=Why kabaddi, why Chennai? Tendulkar explains |url=https://www.thehindu.com/sport/other-sports/why-kabaddi-why-chennai-tendulkar-explains/article18439771.ece |access-date=27 August 2021 |work=The Hindu |date=12 May 2017}}</ref>

In 2006, Nimmagadda sold off his majority shares in Matrix Pharmaceutical to [[Mylan N.V.|Mylan Laboratories]], USA, a large generic Pharmaceutical Company.<ref name="fastest-wealth-creator" /> 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 [[Central Bureau of Investigation|CBI]]'s investigation on
Y. S. Jaganmohan Reddy's [[Disproportionate Assets]], for allegedly having paid {{INRConvert|8.5|b|year=2013}} on a [[quid pro quo]] amounting to {{INRConvert|14.26|b|year=2013}} investments in [[VANPIC]] and other firms held by him, during [[Y. S. Rajasekhara Reddy]]'s government.<ref>{{cite news |title=Jagan Mohan Reddy's judicial custody extended |url=https://www.ndtv.com/south/jagan-mohan-reddys-judicial-custody-extended-531452 |access-date=27 August 2021 |work=NDTV |agency=Press Trust of India |date=13 August 2013}}</ref><ref>{{cite news |last1=Janyala |first1=Sreenivas |title=Prasad put Rs 850 cr in Jagan firms: CBI |url=http://archive.indianexpress.com/news/prasad-put-rs-850-cr-in-jagan-firms-cbi/950186/ |access-date=27 August 2021 |work=The Indian Express |date=17 May 2012}}</ref> However, these assets were subsequently attached by the [[Enforcement Directorate]] of India, and Nimmagadda was granted bail after seventeen months.<ref name="qqp">{{cite news |title=Quid-pro-quo case: Nimmagadda Prasad, K V Brahmananda get bail |url=https://www.dnaindia.com/india/report-quid-pro-quo-case-nimmagadda-prasad-k-v-brahmananda-get-bail-1899997 |access-date=27 August 2021 |work=DNA |agency=Press Trust of India |publisher=Diligent Media Corporation |date=7 October 2013}}</ref>

==Early life==
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]],<ref name="finex">{{cite news |title=Nimmagadda Prasad who? |url=https://www.financialexpress.com/archive/nimmagadda-prasad-who/176332/ |access-date=27 August 2021 |work=The Financial Express |publisher=The Indian Express |date=2 September 2006}}</ref> followed by a post graduate diploma in management from [[Institute of Management Technology, Ghaziabad|Institute of Management Technology]], [[Ghaziabad, India|Ghaziabad]].<ref name="thehindu1">{{cite news |url=http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/article3424097.ece |title=Nimmagadda Prasad, a first generation entrepreneur |publisher=The Hindu |date=16 May 2012 |access-date=17 September 2012 |issn=0971-751X}}</ref>

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 [[Rhône-Poulenc|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.<ref name="toiwho">{{cite news |title=Who is Matrix Prasad? |author=B. Krishna Prasad |publisher=Times of India |url=http://timesofindia.indiatimes.com/city/hyderabad/Who-is-Matrix-Prasad/articleshow/9655205.cms |date=19 August 2011}}</ref>

==Political connections==
During this period, he also developed political connections, and was known to be close to Chief Ministers [[N. Chandrababu Naidu]] and [[Y.S. Rajasekhara Reddy]].<ref>{{cite news |title=Prasad had Midas touch |url=http://archive.asianage.com/hyderabad/prasad-had-midas-touch-129 |access-date=27 August 2021 |work=The Asian Age |publisher=The Deccan Chronicle |date=16 May 2012}}</ref> Subsequently, he developed a close friendship with [[Jaganmohan Reddy]] and served on the board of Sakshi and some other of Jagan's firms.<ref name="toiwho" />

==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]].<ref name="hbl" /> 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 {{INRConvert|30|m|year=2006}},<ref name="toiwho" /> Nimmagadda retained 5% in Matrix, and made about {{INRConvert|5.7|b|year=2006}} in the transaction in which Mylan picked up a 71.5% stake in Matrix laboratories.<ref name="fastest-wealth-creator" />

== Giving back ==
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 {{INRConvert|300|m|year=2006}} with his staff for their housing and children's education through the Matrix Employees Welfare Association (MEWA).<ref name="fastest-wealth-creator" /><ref name="thehindu1" />
[[File:Clinton Foundation Nimmagadda Prasad.jpg|thumb|Clinton Foundation's Low cost HIV drugs initiative- Nimmagadda's Matrix part of it.]]
He is known in the social world for his contribution through “Project Hope” in developing cost effective medicines for HIV/AIDS treatment.<ref>{{cite web |url=http://teachaids.org/blog/nimmagadda-prasad-joins-advisory-board |title=Nimmagadda Prasad joins TeachAids Advisory Board |date=16 June 2010 |website=TeachAids |access-date=19 March 2018}}</ref> 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.<ref>{{cite news |url=http://www.business-standard.com/article/beyond-business/matrix-revolutions-104010301011_1.html |title=Matrix revolutions |author=G. Singa Rao |date=2004-01-03 |work=Business Standard |access-date=2018-03-19}}</ref><ref>{{cite AV media |last=Angelillo |first=John |url=https://www.upi.com/News_Photos/view/upi/ccf54cb283a9100f5e79ba3c15ef9ad6/Former-President-Bill-Clinton-Pfizer-and-Mylan-announce-lower-prices-for-HIV-Drugs-in-Developing-Countries-in-New-York/ |title=Former President Bill Clinton, Pfizer and Mylan announce lower prices for HIV Drugs in Developing Countries in New York |date=6 August 2009 |medium=Photo |publisher=United Press International |access-date=19 March 2018}}</ref><ref>{{Cite news |url=https://khn.org/morning-breakout/dr00023059/ |title=Clinton Foundation, Global Fund, World Bank, UNICEF Extend Low-Cost Generic AIDS Drug Prices to More Than 100 Countries |date=2004-04-06 |work=Kaiser Health News |access-date=2018-03-19}}</ref>

[[Pullela Gopichand|Pullela Gopichand's]] unwavering commitment that made his academy a powerhouse of badminton was backed and part funded by Nimmagadda.<ref>{{cite news |author1=M. Ratnakar |title=How Gopichand made Hyderabad India's badminton capital |url=https://timesofindia.indiatimes.com/sports/badminton/How-Gopichand-made-Hyderabad-Indias-badminton-capital/articleshow/21751267.cms |access-date=27 August 2021 |work=The Times of India |agency=Times News Network |publisher=Bennett, Coleman & Co. |date=11 August 2013}}</ref> 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 {{INRConvert|50|m|year=2005}} to the [[Gopichand Badminton Academy|Pullela Gopichand academy.]]<ref>{{cite news |last1=Amirapu |first1=Deepika |title=How Indian badminton rocketed on the Gopichand shuttle |url=https://www.thehindu.com/thread/sports/article9011704.ece |access-date=27 August 2021 |work=Thread |publisher=The Hindu |date=20 August 2016}}</ref> The academy produced world class players: [[Saina Nehwal]], [[Srikanth Kidambi]], [[Parupalli Kashyap]], [[P. V. Sindhu]], [[Arundhati Pantawane]], [[Gurusai Dutt|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 [[Star Maa|MAA TV]].
[[File:Nimmagadda Prasad TeachAIDS 2010.jpg|150px|thumb|Nimmagadda at [[TeachAIDS]] launch in 2010]]
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]].<ref>{{cite news |url=http://www.thehindu.com/news/national/article3551610.ece |work=The Hindu |author=M. Rajeev |title=B-school frets over one-time mentor's plight |date=20 June 2012 |access-date=27 August 2021}}</ref>

==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.<ref>{{cite news |title=Balance in Jagan's jail Account: Rs 2,900 |last=Koppula |first=Nagaraju |work=The New Indian Express |url=https://www.newindianexpress.com/states/andhra-pradesh/2012/jun/06/balance-in-jagans-jail-account-rs-2900-374618.html |date=6 June 2012 |access-date=27 August 2021}}</ref> After several failed attempts, he was eventually granted bail after seventeen months, in October 2013.<ref name="qqp" />

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.<ref name="ed">{{cite news |title=Enforcement Directorate attaches Rs 863 crore assets of Jaganmohan Reddy, others for laundering |url=https://economictimes.indiatimes.com/news/politics-and-nation/enforcement-directorate-attaches-rs-863-crore-assets-of-jaganmohan-reddy-others-for-laundering/articleshow/40428629.cms |access-date=27 August 2021 |work=The Economic Times |agency=Press Trust of India |publisher=Bennett, Coleman & Co. |date=5 March 2014}}</ref> ED claimed that Nimmagadda had obtained illegal benefits of {{INRConvert|14.26|b|year=2014}} in his firms, and made the [[quid pro quo]] investment worth {{INRConvert|8.55|b|year=2014}} 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.

{{commons category|Nimmagadda Prasad}}

==See also==
*[[Nimmagadda Foundation]]

==References==
{{reflist}}

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

Nimmagadda Prasad - Revision history

imported>Getsnoopy: Removed empty External links section and fixed a formatting issue.