Chandrababu’s net worth nearly quadrupled in one year
The annual financial disclosure of the family of Andhra Pradesh’s chief minister shows that they enjoyed a financial bonanza between 2016 and 2017.india Updated: Dec 09, 2017 09:36 IST
The net worth of N Chandrababu Naidu, chief minister of Andhra Pradesh and president of the Telugu Desam Party, nearly quadrupled last year, according to a declaration of family assets by Naidu’s son and IT minister, Nara Lokesh, on Friday.
Naidu was worth Rs 67.04 lakh on March 31, 2016. As of the end of March this year, he was worth Rs 2.53 crore. That is an increase by a factor of 3.77, and a total gain of Rs 1.86 crore.
The financial disclosure is the result of a Naidu family policy. “We have been declaring the assets of our family voluntarily for the last seven years to show that it lived by the virtues of trust and transparency,” said Lokesh. “No other family of any politician in the country has declared its assets in such a transparent manner.”
While all Indian politicians are required to make financial statements at election time, the Naidu family may be unique in volunteering this information annually. Lokesh challenged his party’s main rival, YSR Congress party chief YS Jaganmohan Reddy, to follow suit.
The Naidu family’s disclosure represented ‘acquisition value’, the value at which assets are purchased or acquired, rather than the market value, since the latter varies over time, said Lokesh.
Heritage Foods, Naidu’s family business, did well in the stock market last year. “During this period, it has sold off its retail business to the Future Group and acquired the dairy business of Reliance,” said Sailesh Kumar, a Mumbai-based market analyst of Sunidhi Securities, which closely watches Heritage portfolio. “The overall turnover of Heritage has gone up.”
According to the declaration, the value of Naidu’s newly-built residence at Jubilee Hills in Hyderabad is Rs 7.76 crore. This was shown as Rs 3.68 crore last year, since the house was still under construction then. His cash balances, which were Rs 3.59 lakh last year, went up to Rs 40.03 lakh this year. According to Lokesh, all family income is due to Heritage Foods.
Naidu’s wife Bhuvaneshwari, who is the managing director of Heritage, is worth significantly more. Her net worth did not increase by as high a factor, but she still had a very good year. As of last year’s filing, Bhuvaneshwari was worth Rs 33.66 crore. She is now worth Rs 46.32 crore.
Lokesh became much richer as well, his net worth going from 8.15 crore to 15.21 crore. The net worth of his wife, Nara Brahmani, increased from Rs 15.01 crore to Rs 12.33 crore. The Naidu family has also been disclosing the assets of Lokesh’s two-year-old son, Nara Devansh. The value of properties registered in Devnash’s name went up only marginally, from Rs 11.32 crore to Rs 11.54 crore.