Chandrababu's son Lokesh declares assets worth over Rs 330 cr

Chandrababu's son Lokesh declares assets worth over Rs 330 cr

Chandrababu's son Lokesh declares assets worth over Rs 330 cr

TDP General Secretary Nara Lokesh, who is set to be elected as a member of the Andhra Pradesh Legislative Council, today declared assets worth over Rs 330 crore.
This includes shares worth Rs 265 crore in his family business venture Heritage Foods Limited.

The value of movable assets is Rs 273.83 crore and of immovable assets is Rs 56.52 crore, Lokesh, son of Andhra Pradesh Chief Minister N Chandrababu Naidu, declared in an affidavit filed along with his election nomination.

Lokesh, who makes public his family's assets every year, had in October last year declared assets worth Rs 14.50 crore and a debt of Rs 6.35 crore. "In October, I had declared only the face value at which I purchased shares of Heritage. But their actual market value is Rs 264.90 crore and as per the Election Commission norms, I declared the market value now. There is no abnormal increase in my assets as I neither purchased nor sold my shares in Heritage," he told a press conference.

"Our family makes a living by selling milk and vegetables. We make money in a right royal fashion and not through dubious means," he claimed.

Lokesh, who will formally be declared elected to the Legislative Council tomorrow, said there had been no abnormal increase in the prices of Heritage shares.

"It's a listed company on the Bombay Stock Exchange and its current (share) price is Rs 1088.3. It's all in black and white," he pointed out.

His personal loans amounted to Rs 6.34 crore. According to the declaration in October, Lokesh's wife Brahmani has assets worth about Rs 5.4 crore.

Lokesh's son Devansh is richer with a house worth Rs 9.06 crore and fixed deposits of Rs 2.4 crore in his name, besides a cash deposit of Rs 2.31 lakh, his October declaration had revealed.

In his election affidavit, however, Lokesh valued his wife's movable assets at Rs 17.90 crore and immovable assets at Rs 9.75 crore.

He did not report much change in the value of assets owned by Devansh.