Regarded as one of the pioneers of industry in Andhra Pradesh, Prasad started Andhra Sugars on August 11, 1947 at Tanuku in West Godavari district. Set up with an installed cane crushing capacity of 600 tonnes per day (tpd), Andhra Sugars has grown into a 10,000-tpd unit, with 12,000 employees and an annual turnover of Rs 500 crore.
Over the years, the company also diversified into the production of a wide range of organic and inorganic chemicals. Born into a family of agriculturists on June 28, 1921, Prasad became president of The Federation of Andhra Pradesh Chambers of Commerce and Industry in 1977-78.
The government today said it has granted Maharatna status to Bharat Heavy Electricals Ltd and Gas Authority of India Ltd.