Naidu's son ready for debate on quantum jump in assets

Image Facebook  Nara Lokesh

In just six months, Telugu Desam Party general secretary Lokesh Nara has really lucked out - his assets have shot up in value from Rs 14.5 crore to Rs 330 crores. "There is no abnormal increase in my assets as I neither purchased nor sold my shares in Heritage", he told a press conference.

In October, when Heritage Foods, a company promoted by the Naidu family, struck a share swap deal with Kishore Biyani-promoted Future Retail Ltd, Lokesh had declared that the shares were worth ₹2.52 crore. The young politician surprised everyone after he declared his assets as Rs 329.52 crores in the affidavit submitted. However, this is notional gap between the book value and the market value, as analysts see it. Rs 273.84 crores have been declared as movable and Rs 56.52 crores have been immovable. Lokesh's properties have been declared as Rs 14.50 crores past year and he had a huge jump now which surprised the political circles.

His wife Nara Brahman's assets also went up from Rs 5.38 crore to Rs 28 crore since October, while his two-year-old son Devansh's assets remained the same at Rs 11.70 crore. Lokesh, 34, filed an affidavit on Monday declaring his and his family's assets to the Election Commission when he filed his nomination to contest for a berth in the Legislative Council.

Heritage Foods, earlier promoted by Chandrababu Naidu's family, was partially sold off to Future Retail Ltd, led by Kishore Biyani, on November 8 a year ago.

Speaking to The Indian Express, Lokesh said he did not acquire assets in the last five months.

The value of shares held by Lokesh in Heritage Foods had gone up to Rs 273.84 crore from Rs 2.52 crore during the period.



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