Andhra Pradesh CM son’s assets rise 23-fold to Rs 330 cr in 6 months

Suresh Dharur

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Tribune News Service

Hyderabad, March 9

The value of assets of Andhra Pradesh Chief Minister N Chandrababu Naidu’s son Nara Lokesh has shot up by 23 times from Rs 14.50 crore to Rs 330 crore in just six months. Lokesh, 34, a Stanford Management graduate who is set to be inducted into the Cabinet, submitted an affidavit to the Election Commission, giving details of his assets, as part of the nomination papers for an MLC seat.

As per the affidavit, the total value of his assets is around Rs 330 crore, including Rs 273.84 crore in the form of shares in family-owned company Heritage Foods, fixed assets worth Rs 18 crore and ancestral property worth Rs 38.52 crore. His assets, made public in October last year, stood at Rs 14.50 crore, including Rs 2.52 crore in the form of shares in Heritage Foods. The company sold its retail business wing to Kishore Biyani-led Future Retail Ltd on November 8 last year and retained only 3.65 per cent stake worth Rs 295 crore in it.

On the increase in the value of shares in Heritage Foods, Lokesh said it was the result of a rise in share prices of the new company after the sale of the loss-making retail division to the Future Group.