With Rs 42 Lakh Assets, Chandrababu Naidu is Poorest in Family

Family owns assets worth Rs 45 crore as per disclosures made by Naidu’s son Lokesh, whose assets stood at Rs 7.67 crore .

Published: 27th September 2015 05:04 AM  |   Last Updated: 27th September 2015 05:08 AM   |  A+A-

HYDERABAD:Three-time Chief Minister N Chandrababu Naidu has Rs  42.4 lakh of net worth property on his name and still owns a 1993 model ambassador car worth Rs 1.52 lakh whereas his son Lokesh has Rs 4.72 crore liabilities, as per the disclosures made on Saturday.

Family.jpgContinuing the tradition of divulging the assets of his family members started by his father and Chandrababu Naidu five years ago, Lokesh, who is the coordinator of the TDP Workers’ Welfare Fund, disclosed the status of the assets and liabilities of the members of his family as on March 31, 2015.

Naidu’s son said their family is comfortable with its ongoing milk and vegetable selling business.

Taking an indirect dig at YSRC chief YS Jagan Mohan Reddy, whose assets stand at Rs  344 crore as per the affidavit submitted by him to the Election Commission during 2015 general polls, Lokesh said, “My family’s income is mostly generated by Heritage Foods through which we sell milk and vegetables. We’re living happily with whatever we are earning. We do not want to enter into any other business.”

“I am deriving pleasure and happiness in this milk and vegetables business which I can’t get from setting up a cement plant or a news channel, unlike others. Our family doesn’t harbour any idea to launch news channel,” he said indirectly attacking the YSRC chief.

Giving a break-up of the family assets, Lokesh said the net assets of his father Naidu stood at Rs 42.4 lakh as on March 31, 2015 whereas it was 70.69 lakh last year. The net worth of Lokesh’s assets stood at Rs 7.67 crore as against Rs  11.04 crore last year, when his father had disclosed the family assets at that time. Lokesh’s mother Bhuvaneshwari’s assets increased from Rs  30.59 crore in 2014 to Rs 33.07 crore in 2015 and the net worth of his wife Brahmini’s assets decreased from Rs 5.32 crore in 2014 to Rs 4.77 crore in 2015.

Interestingly, though the total turnover of their family business establishment Heritage Foods Limited increased to Rs  2,072.97 crore for the year 2014-15 from Rs  1,722.04 crore in 2013-14, the net profit has come down to Rs 28.21 crore from Rs  45.31 crore.

Heritage Foods Eyes Africa, SE Asia

Chandrababu Naidu’s family-owned Heritage Foods Limited is planning to expand its operations to Africa and South East Asia.

Disclosing this to mediapersons here on Saturday, Naidu’s son Lokesh said the company had appointed SBI Capitals to select partner for its expansion in these countries. “We are seriously looking for expansion in other countries. We are operating in Delhi for the past three years and soon we would be having global presence,” he added.

According to Lokesh, the Heritage Foods Limited was set up 23 years ago. Its market capital is about Rs 754 crore. The company’s total turnover during 2014-15 stood at Rs 2073 crore with a net profit of Rs 28.21 crore.

The company is operating in 148 locations in seven States and has 1,274 Heritage exclusive dairy parlours and 92 retail food and grocery stores.

The company procures 11 lakh tonnes of milk from three lakh farmers and is providing direct employment to 4,244 persons and indirect employment to 15,000 people.

Naidu’s Family is Worth Rs 45.99 Cr

Chief Minister N Chandrababu Naidu’s son Lokesh, who is the coordinator of the TDP Workers’ Welfare Fund, on Saturday disclosed the status of the property owned by his family members. The following is the networth of each member as per the disclosures:

  •  Rs 42.4 lakh - Assets of Chief Minister N Chandrababu Naidu
  •  Rs 25.92 lakh bank balance, 1993 model Ambassador car worth Rs 1.52 lakh
  •  Rs 33.07 cr- Naidu’s wife Bhuvaneswari’s property value
  •  Audi car, 3389 grams gold jewellery, 32.7 kg silver, Rs 6.65 lakh bank balance, Rs 13.05 cr liquid assets
  •  Rs 7.67 cr - Value of Lokesh’s assets
  •  Rs 2.36 crore plot, 1 Ford Fiesta, 2 bullet-proof Fortuners, Rs 3.39 lakh bank savings, liquid assets Rs 2.69 cr, Rs 4.72 cr liabilities
  •  Rs 4.77 cr-Lokesh wife Brahmani’s property value
  •  Rs 15.90 lakh gold jewellery, Rs 1.27 crore silver, Rs 13.69 lakh bank balance, Rs 36.52 lakh liabilities
  •  Rs 764 crore - Heritage Food Ltd’s market value in 2014-15.

Thus Spake Lokesh

  •  I am giving out the details about my family’s properties only because of the allegations that I am making huge money. My family’s income is mostly generated by Heritage Foods Ltd, we sell milk and vegetables. We are living happily with whatever we are earning.
  •  My family has been disclosing the assets every year in September.
  •  I would be happy if all other political parties also follow the move and declare their assets every year.
  •  It was Chandrababu Naidu who introduced the concept of Ethics Committee and started divulging assets in 1999, which was later picked up by Centre and Election Commission.
  •  Opposition parties are making baseless allegation against my family. In fact, the then YS Rajasekhara Reddy’s government had ordered 35 enquires into my father’s assets. But, they were not able to prove anything against him.
  •  My father Naidu is honest. No one has been able to prove any kind of allegation against us.
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