From a humble beginning as an area sales officer for a multinational company here in 1989, Nimmagadda Prasad, a first generation entrepreneur, made his mark in the pharmaceutical sector with his Matrix Labs.
Mr. Prasad is on the boards of CARE Hospitals, Asian Institute of Gastroenterology, Sakshi Newspaper & TV and Bharati Cements. He is also on the Executive Board of the Indian School of Business.
Beginning his entrepreneurial journey with the acquisition of a sick pharmaceutical company Herren Drugs in May 2000, Mr. Prasad went on to become a billionaire within a matter of just six years. When he sold his brain child Matrix to US pharma giant Mylan in August 2006, he became richer by Rs. 570 crore. He then joined the board of Mylan by investing about Rs. 115 crore from what had made from the sale.
The Vadrevu Nizamapatnam Port and Industrial Corridor (VANPIC) project conceived in 2007 had Prasad's Matrix Exports and Ras Al Khaimah as promoters. He also invested in MAA Television among others later.
However, the VANPIC project did not take off and came under the CBI scanner as part of its probe into the illegal assets case against Kadapa MP Y.S. Jaganmohan Reddy.
Born into an Army officer's family in 1961 Mr. Prasad with Masters Degrees in Science and Business Administration started his career as a management trainee in Indian Molasses Company in Delhi in 1984. He then joined French multinational Rhone Poulenc Chemicals (now Sanofi-Aventis) in 1989 as area sales officer at Hyderabad and was later elevated as the regional sales manager.
He joined Vorin Laboratories in 1993 and went on to become its Managing Director in 1995. He was appointed as CEO when Ranbaxy acquired controlling stake in Vorin Laboratories in 1999. Quitting Ranbaxy in 2000, he turned entrepreneur by taking over ailing Herren Drugs and renamed it as Matrix Labs.
Mr. Prasad then went on to acquire several Indian and foreign companies. He shared his personal wealth worth around Rs. 30 crore with his staff for their housing and children's education when in Matrix Labs.
He made his mark in the pharmaceutical sector with his Matrix Labs