Devansh has `11.32cr assets, Naidu `3cr loan

AP Chief Minister N. Chandrababu Naidu’s grandson Nara Devansh owns assets worth `11.32 crore with a house and fixed deposits which have been transferred either by Mr Naidu’s wife or maternal grandfather and actor N. Balakrishna.

Mr Lokesh announced his family assets at the state party office in Guntur on Wednesday.

He said Mr Naidu had debts of more than `3 crore. According to Mr Lokesh, Mr Naidu had borrowed `3.06 crore from Bank of Baroda to build a new house in Hyderabad. He said he had borrowed `3.06 crore from the bank to support his father in the construction.

Both Mr Naidu and Mr Lokesh separately own an old Ambassador car each. Mr Lokesh revealed that the net worth of his assets in 2016 were `8.15 crore, his mother Bhuvaneshwari’s net worth was `24.84 crore and wife Brahmani’s net worth Was `12.33 crore. Mr Naidu’s net worth is `67 lakh.

Mr Lokesh stated during the press conference that the family had been publicly disclosing the details of their assets for six years. He expressed happiness that his mother had received the Peacock Award for Corporate Governance on Tuesday in London, and said, “Heritage won the energy conservation award; both first and second prizes in the dairy sector.”

Recalling the 24 yearhistory of Heritage and its establishment, he said that there were plans of expanding its business to Delhi and Rajasthan under the management of Mrs Brahmani.

He added that the overall growth rate of the company was 100 per cent with profit of `55 crore; 14 per cent increased growth rate in the dairy sector and 15 per cent increased growth rate in retail industry.