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AP CM's son assets increased to Rs 330 cr from Rs 14.50 cr in 5 months

By Gulam Rabbani

Hyderabad, March 8: Andhra Pradesh Chief Minister Nara Chandrababu Naidu's son Nara Lokesh who filed nomination on Monday for an MLC seat is believed to possess assets around Rs 330 crore, 23 times higher than his declared assets in October 2016. His assets include shares worth Rs 273.84 crore in form of family-run Heritage Foods, fixed assets worth Rs 18 crore and ancestral property worth Rs 38.52 crore. It seems he has loans of Rs 6.27 crore in addition.

Lokesh's assets declared in EC

The details of assets submitted by Lokesh look strikingly different when compared with the declared assets of his family on October 19, 2016, in public. During the declaration of assets, Lokesh had said that the property he owns is Rs 14.50 crore, including Rs 2.52 in form of shares in the family enterprise, Rs 1.64 crore shares in other companies and a car worth Rs 93 lakh. Besides, he had said that has loans of Rs 6.35 crore.

[Also read: Eyes on cabinet berth, Chandrababu Naidu's son files nomination for MLC seat]

Interestingly, Heritage's retail was sold to Future Retail Ltd on November 8, 2016, but retained only a 3.65 per cent stake, and yet Lokesh's shares have gone up to Rs 273.84 crore from Rs 2.52 crore.

In his affidavit to the EC, the Telugu Desam Party general secretary also declared his wife Nara Brahmani's and his two-year-old son Devansh's assets.

In the affidavit, TDP general secretary declared his wife assets as Rs 28 crore, but in October he declared his wife assets as Rs 5.38 crore. His son Devansh's assets remained the same at Rs 11.70 crore.

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