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  Nimmagadda Prasad

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kosovohp
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PostSubject: Nimmagadda Prasad    Nimmagadda Prasad Icon_minitimeMon Oct 25, 2010 8:42 am

In the following year, Gopichand formulated his plans for the academy and approached Nimmagadda Prasad, a distant relative and a serial entrepreneur, to raise money for this venture. Prasad had recently sold Matrix Laboratories, a manufacturing company, to Mylan Inc.. Since Prasad was convinced about Gopichand's idea, he immediately offered US$500,000 and his assistance in raising an additional amount of US$2 million. With cricket being a more popular sport, Gopichand and Prasad found it hard to raise additional money from other sources. Over time, Prasad increased his contribution to US$1.25 million. Gopichand's wife and former Olympian, P. V. V. Lakshmi, was very supportive of him and even contributed to the effort of securing monetary support.[6] Despite other donations, Gopichand could only gather US$1.75 million. It was then he decided to mortgage his family home and raise the remaining money for the already delayed project. In 2008, the facility was eventually completed at the cost of US$2.5 million.[2]




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