21 Facts About Nimmagadda Prasad

Nimmagadda Prasad was born on 11 October 1961 and is an Indian industrialist from Andhra Pradesh, India.

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

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

Nimmagadda Prasad served as a board member and was an investor in both.

Nimmagadda Prasad 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.

In 2008, Nimmagadda Prasad 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.

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

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

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

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

Son of an army officer, Nimmagadda Prasad obtained his BSc degree from Babu Jagjivanram Govt.

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

Nimmagadda Prasad 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.

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

Nimmagadda Prasad 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 with his staff for their housing and children's education through the Matrix Employees Welfare Association.

Nimmagadda Prasad invested in stent manufacturer Relisys, and some genomic research-based companies.

Nimmagadda Prasad was on the executive board of the Indian School of Business, Hyderabad, besides his association with several academic, research and business organisations.

On 17 May 2012, Nimmagadda Prasad was questioned for several days and eventually arrested by the CBI.

Nimmagadda Prasad was lodged in Chanchalguda jail, where he was always seen carrying a bottle of mineral water.

ED claimed that Nimmagadda Prasad had obtained illegal benefits of 14.26 billion in his firms, and made the quid pro quo investment worth 8.55 billion into Jagan Reddy's companies.

Nimmagadda Prasad is already being probed by the Central Bureau of Investigation in another case, which had arrested him in May 2012, and got bail 17 months later, the newspaper said.