Andhra Pradesh Information Technology Minister Nara Lokesh today declared that his net assets, as of March 31, 2017, were worth Rs 15.21 crore, up from Rs 14.50 crore he had declared in October 2016. For the past few years now, Lokesh, his father and AP chief minister Chandrababu Naidu, and other members of the family have been declaring their assets annually. Lokesh’s liabilities shot up from Rs 6.35 crore in October 2016 to Rs 11.17 crore. Lokesh stated that he has given “acquisition value of the assets and not the current market value since it fluctuates”.
The assets held by his wife Brahmani, who is executive director of Heritage Foods Ltd, a family business venture, increased from Rs 5.4 crore in October last year to Rs 15.01 crore while her liabilities stood at Rs 36.14 lakh. The couple’s son Devansh is worth Rs 11.54 crore, which includes the value of a house (over Rs 9 crore). As he built a new house in Jubilee Hills, Hyderabad, Andhra Pradesh Chief Minister N Chandrababu Naidu now has a debt of Rs 5.64 crore, borrowed from Bank of Baroda.
His net assets are Rs 2.53 crore, as per the book value. The chief minister’s new house in Hyderabad has been valued at Rs 7.75 crore. Naidu’s wife Bhuvaneswari, who heads Heritage Foods business, has net assets of Rs 25.41 crore and liabilities of Rs 20.90 crore. “This is for the seventh consecutive year that we have declared our family’s assets and liabilities,” Lokesh, who is also the Telugu Desam Party’s general secretary, said.