Naidu’s family worth Rs. 37.9 crore

Express News Service
Last Updated : 03 Sep 2011 09:50:07 AM IST

HYDERABAD: Assuming a high moral ground vis-a-vis YSR Congress chief YS Jagan Mohan Reddy, who is under the CBI scanner for his alleged ill-gotten wealth, TDP chief N Chandrababu Naidu on Friday declared his family’s assets -- valued at Rs. 37.92 crore -- in a move he described as a “new trend in the country’s politics.” “This is the acquisition value...the market value may vary from time to time,” Naidu said, referring to his networth, at a press conference here.

Significantly, his disclosure came on the second anniversary of the late YS Rajasekhara Reddy whose name also figures in the CBI’s FIR against Jagan.

The TDP leader himself is worth Rs. 39.88 lakh.

His wife Bhuvaneshwari, though, has properties to the tune of Rs. 39.57 crore besides liabilities of Rs. 2.38 crore.

His Stanford-educated son Lokesh, who looks after the family’s businesses, owns Rs. 6.82 crore and owes Rs. 9 lakh.

His daughter-in-law Brahmani is worth Rs. 3.22 crore.

“I am setting a new trend in the country’s politics by declaring not only my assets but also those of my son Lokesh and daughter-in-law Brahmani.

Those in politics should be transparent,” Naidu said, pointing out that he had been submitting details of his and his wife’s assets to the Assembly Speaker as also the Election Commission since 1999.

The immediate trigger for the TDP chief’s decision seems to be the Jagan Mohan Reddy-run media group Sakshi’s digs at his recent anti-graft protests.

Naidu had hit the streets seeking to play a role in the anti-graft stir launched by Anna Hazare.

Sakshi has also been running a series of stories on Naidu’s alleged corruption particularly after the CBI raids on Jagan.

“By declaring the assets, I want to put an end to those slinging mud at me,” Naidu said without referring either to Jagan or his media.

Further explaining himself, he said, “I have been in politics for the last 32 years and three other members of my family depend on business for livelihood.

One should not depend on politics for livelihood.” He recalled that he was the first chief Minister in the state to ask ministers to disclose their assets before Assembly Speaker in 1999 and was the first to declare the assets of his entire family.

Naidu said he had 77.40 acres in 1986 and it was given to his brothers.

Naidu donated 3.74 acre land to community needs in his native village.

The remaining land was sold to his relatives at nominal cost.

“All my family’s assets are declared.

No member of my family has any other assets except those declared.

If anyone proves that we have more assets, I will give them away to him as an incentive,” Naidu challenged.

Interestingly as per Naidu’s declaration, his house in Jubilee Hills is pledged with the Vijaya Bank.

His wife Bhuvaneswari also pledged a building in Punjagutta, a semi-permanent ware house in Chennai and a five-acre agriculture land with various banks.

Naidu’s son Lokesh too has pledged five-acre agriculture land in the city with a bank.

The Heritage Foods Pvt Ltd owned by the Naidu family also has debts to the tune of  Rs. 98 crore.

Heritage’s market capitalisation is Rs. 214 crore.

Naidiu’s family has 48.2 per cent share in Heritage.