October 11, 1961 |
Krishna District, Andhra Pradesh India
Institute of Management Technology, Ghaziabad
|Occupation||Chairman, MAA TV|
Prasad obtained his B.Sc. degree from Babu Jagjivanram College and then his M.Sc from the University of Delhi, followed by a post graduate diploma in management from Institute of Management Technology, Ghaziabad.
Prasad 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 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, Prasad was re-designated Senior Managing Director and Chief Executive Officer.
Prasad 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. Staying focused on the domestic pharma space, Prasad set his eyes on the global pharma-scape by acquiring Belgium-based Docpharma in June 2005, 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, Matrix Laboratories aligned with Mylan Laboratories, USA, the world’s third largest Generic Pharmaceutical Company at present. Prasad, during the largest transaction of his life, sold off his stake in Matrix Labs retaining 5% he gained by about Rs. 570 crore after Mylan Laboratories of the U.S. announced that it is picking up 71.5% stake in Matrix laboratories.laboratories.
Mr Prasad was awarded “Fastest Wealth Creator” award consecutively by Motilal Oswal Securities for three years from 2004 to 2006. The state government also honoured him with the “Best Management Award” in 2006.
VANPIC Industrial Corridor and Arrest in May 2012
However, recent CBI investigations revealed that the land was obtained for the corridor through fraudulent means. The mechanisms of the large scale corruption in the case was highlighted in the fourth chargesheet filed by the CBI in the Jaganmohan Reddy corruption case. The chargeshet records that in the VANPIC project:
- quid-pro-quo investments made by industrialist Nimmagadda Prasad to the tune of Rs 854 crores into the companies of Jagan and allotment of 22,000 acres of land to Nimmagadda Prasad in violation of prevailing rules and regulations.
- The investigation disclosed the payment of illegal gratification of Rs. 30 crores to Y.S. Jagan Mohan Reddy (A-1) by Nimmagadda Prasad (A-3) for the wrongful gain obtained by A-3 from the Government of Andhra Pradesh in connection with awarding a project consisting of development of two Sea Ports and an Industrial Corridor as VANPIC Project and falsification of documents to cover up the said payment etc.
On May 17, 2012, Nimmagadda Prasad was arrested by the CBI. He was in jail for seventeen months and has been out on bail since Oct 2013.
The case is in court right now and under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.
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- Construction World (Indian Edition)
- "Jaganmohan Reddy Gets Bail: A Chronology". Outlook (magazine). Sep 23, 2013.
- Chief Justice P. Sathasivam (9 May 2013). "Y.S.Jagan Mohan Reddy vs C.B.I.". Supreme Court of India.
- Quid-pro-quo case: Nimmagadda Prasad, K V Brahmananda get bail | Latest News & Updates at DNAIndia.com
- B-school frets over one-time mentor’s plight - The Hindu
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