Chandrababu Naidu son’s assets jumped from Rs 14.50 crore to Rs 330 crore in 5 months

Written by Sreenivas Janyala | Hyderabad | Updated: March 9, 2017 1:15 pm
Andhra Pradesh CM Chandrababu Naidu, left, and son N Lokesh. Lokesh says he revised the value of his assets.

Andhra Pradesh Chief Minister N Chandrababu Naidu’s son N Lokesh’s personal assets have drastically increased from Rs 14.50 crore in October 2016 to around Rs 330 crore by the end of February as he declared their true market value. Lokesh, 34, filed an affidavit on Monday declaring his and his family’s assets to the Election Commission when he filed his nomination to contest for a berth in the Legislative Council.

In the affidavit, Lokesh declared Rs 273,83,94,996 as movable assets in the form of shares in the family-owned Heritage Foods Ltd.

Watch Video | Andhra Pradesh CM Chandrababu Naidu’s Son’s Assets Jumped From Rs 14.50 Crore To Rs 330 Crore In 5 Months

Heritage Foods, earlier promoted by Chandrababu Naidu’s family, was partially sold off to Future Retail Ltd, led by Kishore Biyani, on November 8 last year. Heritage Foods retains 3.65 per cent stake through Rs 295 crore worth of freshly issued shares. Lokesh was the executive director in Heritage Foods.

Lokesh declared immovable assets worth Rs 18 crore, inheritance worth Rs 38.51 crores and and liabilities of Rs 6.28 crore, totalling around Rs 330 crore.

In October 2016, Lokesh had declared total assets of Rs 14.50 crore and liabilities of Rs 6.35 crore. His wife Brahmani owned assets worth Rs 5.38 crore while his one-year-old son Devansh owned assets worth Rs 11.17 crore, including a inherited house valued at Rs 9.17 crore and Rs 2 crore in fixed deposits.

Speaking to The Indian Express, Lokesh said he did not acquire assets in the last five months. “My declaration of assets last October was based on acquisition value. EC guidelines stipulate that the true market value should be disclosed so I declared the assets’ value as per latest market rates. I had inherited Heritage Foods shares from my father in 1998 and I own 23,66,400 shares and the market value of each share was less than Rs 200 till 2010. Now the share value is around Rs 1,100 which increased the total value of the shares that I own to Rs 273 crore,’’ he said.

Lokesh added: “ The value of the house was also calculated according to existing market rates while it cost us a few thousand rupees when we purchased it in 1989. I have not purchased or acquired any new assets recently.”
He said his wife owned 1 lakh shares in Heritage Foods while his mother Bhuvaneshwari owned 53 lakh shares.

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  1. A
    Abhinav Gour
    Mar 9, 2017 at 6:00 am
    Loot lo bhai india ko
    Reply
    1. P
      Prateik e
      Mar 9, 2017 at 12:13 pm
      Even after DeMonetization?
      Reply
      1. G
        Guru
        Mar 9, 2017 at 3:46 am
        Such poor politicians in our country. 😢
        Reply
        1. G
          Guru
          Mar 9, 2017 at 3:46 am
          They sacrifice everything for the poor 😢
          Reply
          1. A
            ansuman
            Mar 9, 2017 at 4:50 am
            This loot must stop.
            Reply
            1. A
              Ashir
              Mar 9, 2017 at 8:43 am
              Atleats learn to accept facts ..the wy u react is making it more clear that the patriotism wot u are prentending to be shown are fake
              Reply
              1. A
                Ashir
                Mar 9, 2017 at 8:44 am
                Chup Rey ..jagah ha mat kar Susu karke
                Reply
                1. I
                  Ips
                  Mar 9, 2017 at 8:44 am
                  Wow,It is ok to have such huge unaccounted money till you are with NDA
                  Reply
                  1. B
                    bn sinha
                    Mar 9, 2017 at 7:06 am
                    Poor son of CM Naidu, even if he crosses 1000 crs with dubious deals he will not get space in prime time news, which Robert Vadra acquires without having any proof against him by a Govt which literally came to power by selling his name as corrupt. Long way to go Mr Junior Naidu.
                    Reply
                    1. S
                      Sekhar
                      Mar 9, 2017 at 10:33 am
                      Heading itself misleading the people. He clearly mentioned ets increased due to current share value of the company.lt;br/gt;lt;br/gt;Lokesh said he did not acquire ets in the last five months. “My declaration of ets last October was based on acquisition value. EC guidelines stite that the true market value should be disclosed so I declared the ets’ value as per latest market rates. I had inherited Heritage Foods shares from my father in 1998 and I own 23,66,400 shares and the market value of each share was less than Rs 200 till 2010. Now the share value is around Rs 1,100 which increased the total value of the shares that I own to Rs 273 crore,’’ he said.
                      Reply
                      1. D
                        Deeply Concerned
                        Mar 9, 2017 at 7:05 am
                        What is the current status of jhootley??? Hope he doesnt cry when asked to declare his wealth!!!! Lol...
                        Reply
                        1. A
                          ASHOK KUMAR
                          Mar 9, 2017 at 9:48 am
                          Telugu Desam Party , a consuent of NDA is exception to Modi's rule. NA KHAYUNGA NA KHANEY DOONGA.
                          Reply
                          1. R
                            rj
                            Mar 9, 2017 at 10:27 am
                            Looks like u have nt read the entire article...election commision has recently mandated yhat everyone has to provide markrt rates of their ets which they earlier didnt use to declare..so automatically there is a huge difference between last time and now..i am not saying that they wont have corruption money but here the real reason for the hike is different....
                            Reply
                            1. T
                              Tutu420
                              Mar 9, 2017 at 3:08 am
                              Chandru should better explain things now ! Showing dreams on one hand looting on the other is not definitely good ! Why can't we in India bring a law that punish such culprits with death sentence?
                              Reply
                              1. G
                                gopal
                                Mar 9, 2017 at 4:17 am
                                Looks like the reporter has a maths of his own.lt;br/gt;lt;br/gt;"Lokesh declared immovable ets worth Rs 18 crore, inheritance worth Rs 38.51 crores and and liabilities of Rs 6.28 crore, totalling around Rs 330 crore"lt;br/gt;lt;br/gt;The calculation comes to only 50.23 crores...lol
                                Reply
                                1. H
                                  harun
                                  Mar 9, 2017 at 4:02 am
                                  A symbol of transparency.lt;br/gt;lt;br/gt;None to match PM who has published the expenses made in the campaign including the Mode of payment.lt;br/gt;lt;br/gt;The BJP has made all payments using PayTM,RTGS and through Cheques.lt;br/gt;lt;br/gt;All the rest are yet to come out with the Money they spent in the Polls.
                                  Reply
                                  1. I
                                    Ivan
                                    Mar 9, 2017 at 8:05 am
                                    .Modiji get your supply of raincoats ready. You will need more than Dr Singh ever did.
                                    Reply
                                    1. I
                                      Ivan
                                      Mar 9, 2017 at 7:22 am
                                      Where is Subramanian Swamy the selfless ombudsman and Poriki baiter. When can we expect to check on this.
                                      Reply
                                      1. J
                                        jagan mohan
                                        Mar 9, 2017 at 5:37 am
                                        Don't forget the value of shares he owns in heritage foods. They total about 280 crores.
                                        Reply
                                        1. S
                                          Sankaran Krishnan
                                          Mar 9, 2017 at 3:02 am
                                          Politics is become an Family oriented Business not only for National Parties but also for Regional Parties and TDP is no different and how in the name of Market valuation they are escaping under the loops of the Law and it seems the Revenue Department of the State and that of the Centre are blind now and they are not aware of any such jumping of ets and if the same was committed by the Businessmen without any Political connection the story is different is it NOT ???
                                          Reply
                                          1. K
                                            K.S.Rajan
                                            Mar 9, 2017 at 4:54 am
                                            It is a long haul for Chandrababu naidu from Varam bhojanam student to multi multi millioner.Varam bhojanam in telugu means eating in different houses every day of the week during the student days and doing odd jobs to the family for that day.
                                            Reply
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