Andhra Pradesh Chief Minister N Chandrababu Naidu’s son Nara Lokesh addresses a press conference in Hyderabad yesterday.

IANS
Hyderabad

Andhra Pradesh Chief Minister N Chandrababu Naidu owns net assets worth Rs4.2mn as on March 31, 2015, down from Rs7mn last year, his son N Lokesh said yesterday.
Naidu, his wife Bhuvaneswari, son Lokesh and daughter-in-law Brahmini together have net assets of Rs460mn in various forms.
For the fifth consecutive year, Nadiu and his family members declared their assets.
Lokesh, who is also leader of the state’s ruling Telugu Desam Party (TDP), explained that Naidu’s assets dropped as his bank balance reduced.
Bhuvaneswari, who is managing director of Heritage Foods, owns net assets of Rs330mn, down from Rs468mn last year. Her total assets are worth Rs4332mn while liabilities are to the tune of Rs100mn.
Lokesh is worth Rs76mn while his wife Brahmini owns net assets of Rs47mn.
Heritage Foods is valued at Rs9.1bn. The company’s turnover was Rs20bn during 2014-15.
Lokesh said Heritage had only his mother and wife in the company management. Claiming that the company does not enjoy any subsidy from the government, he said it was adhering to all corporate rules and regulations.
Naidu’s son said by declaring their assets voluntarily, they showed that trust and transparency were the virtues they live by. He said the other politicians should also declare their assets.
He said if anybody proved that the family owned more than what they have declared, they would transfer the assets to them.