With Rs4.2m assets, Andhra CM Naidu is poorest in family

Chandrababu Naidu's family income is mostly generated by selling milk.

Believe it or not, Andhra Pradesh chief minister N Chandrababu Naidu is the 'poorest' member of the family, with assets of just a little over Rs4.2 million, down from Rs7.69 million he had declared last year.
According to the assets and liabilities declared by the Nara clan, Naidu's son N Lokesh, who is the coordinator of the ruling Telugu Desam Party (TDP) Workers' Welfare Fund, had assets worth Rs70.67 million, down from Rs110 million last year. The chief minister's wife Bhuvaneshwari assets, however, increased from Rs300.59 million in 2014 to over Rs330 million this year. Lokesh's wife Brahmani's assets decreased from Rs50.32 million last year to Rs40.77 million this year.
Naidu's assets included a property in the upmarket Jubilee Hills area, a 1993 Ambassaador car worth Rs152,000 and bank balance of Rs2.5 million. His wife Bhuvaneshwari's assets included 3,389 grammes of gold jewelry, 32.7kg of silver, Rs665,000 bank balance and an Audi car valued at almost Rs10 million.
Interestingly, the total turnover of the family business establishment Heritage Foods Limited increased from Rs17.22 billion in 2013-14 to Rs20.72 billion in 2014-15. The net profit of the company, however, registered a decline from Rs450.31 million in 2013-14 to Rs280.21 million in 2014-15.
Speaking to the media after disclosing the family assets, Lokesh, in an apparent dig at the opposition YSR Congress Party (YSRCP), said: "My family's income is mostly generated by Heritage Foods through which we sell milk and vegetables. We are happy with our earnings and we do not want to enter into any other business. It gives me pleasure in selling milk and vegetables through our business chain, which I can't get from setting up cement plants or news channels." YSRCP president Y S Jaganmohan Reddy has interests in cement plants besides owning Sakshi Telugu newspaper and TV channel.
Stating that it was easy to level allegations against the family, Lokesh said those who are making such statements should first declare their assets as the Naidu family has been doing for five years now.
"As many as 34 assets-related complaints were alleged against us, but not a single one has been proved right till now. This is only because our family conducts its business as per rules and in a transparent manner," he said.
On Heritage Foods expansion program, Lokesh said the company was planning to enter the market in Africa and South East Asia. "We are seriously looking for expansion in other countries and have appointed SBI Capitals to select partners for expansion overseas. We have been operating in New Delhi for the past three years and we should soon be having a global presence," he said.

• India