Matrix founder turns social entrepreneur

For former executive chairman of Matrix Laboratories, Nimmagadda Prasad, social entrepreneurship means making profits while contributing something to the society. And that is what he wants to do. He wants to gradually emerge as a "social entrepreneur".

"While discharging my responsibilities with Matrix and Mylan, I will continue to actively involve in entrepreneurial and social activities", says 47-year-old Prasad, whose Hyderabad-based pharmaceutical company was acquired by the US generics major, Mylan Laboratories in August 2006.

Dismissing speculations that he would exit the pharmaceutical sector, Prasad says that he and Matrix "will co-exist forever".

Currently, Prasad has no executive position either in Mylan or Matrix. His latest visiting card states that he is advisor to Mylan CEO, besides being Matrix founder and vice-chairman.

Nevertheless, he says that he will remain with Matrix as long as the foreseeable future. "No executive position or legal entitlement is required. My association with Matrix is beyond an emotional binding. I don't think that I will ever compete with Matrix", he says.

At present, Prasad is the single largest shareholder (holding over 30 per cent stake) of CARE, a Hyderabad-based super speciality hospital. He also holds a 20 per cent stake in Maa TV, a Telugu television channel. But he was not seen to be associated with the day-to-day operations of both the organisations.

On the other hand, Prasad's activities still centre around Matrix even though he holds a very minor stake in the company. As a major step towards transforming himself into a social entrepreneur, Prasad, who netted over Rs 569 crore by divesting 12.1 per cent stake in Matrix to Mylan, had set aside Rs 200 crore for the Nimmagadda Foundation.

Today, the foundation, in collaboration with L V Prasad Eye Hospital, has embarked on a mission to eradicate blindness among children by 2020. It has also tied-up with CARE for extending financial support to life-saving heart surgeries among children.

Prasad says that the foundation, in association with Asian Institute of Gastroenterology, has initiated a programme to address the medical needs of rural India. Besides, it has adopted three schools to cater to the needs of poor students.

As far as business is concerned, Prasad is looking at various sectors, including infrastructure, for making investments. "I still think like an entrepreneur with passion and compassion at heart", he says.