Recently, the Association for Democratic Reforms (ADR) declared Andhra Pradesh Chief Minister N. Chandrababu Naidu as the wealthiest among his counterparts in the country, sparking widespread debate about the sources of his wealth. Critics pointed to allegations of corruption throughout his political career, while Naidu’s son and minister, Nara Lokesh, attempted to shed light on how the family accumulated such significant riches.
Lokesh provided a glimpse into the family’s journey, tracing back to 1992, when Andhra Pradesh was flourishing as a milk-surplus state. At that time, Union Finance Minister Dr. Manmohan Singh had just opened the dairy sector to private investments as part of his economic reforms, leading to the emergence of over 100 dairy companies across India.
It was then that Naidu recognized the potential of the dairy industry and founded Heritage Foods, with the vision of empowering local farmers by marketing their dairy products. With an initial investment of Rs 50 lakh, the first milk-chilling unit was set up in Chittoor with financial support from Bank of Baroda. Naidu served as the company’s managing director for two years.
In 1994, after Naidu assumed the role of a minister, he stepped down from his position as MD, and his wife, N. Bhuvaneswari, took over, eventually rising to the role of Managing Director. The same year, Heritage Foods went public with an IPO, and since then, the company’s growth has been steady and impressive.
Lokesh highlighted that his parents dedicated themselves to the company’s success, ensuring that farmers involved with Heritage Foods were supported and benefited. Following the challenges of the Covid-19 pandemic, Heritage Foods became a debt-free company, boosting the morale of both employees and the farmers associated with it.
Today, Heritage Foods boasts a market value of Rs 4400 crore, revenues of Rs 3,750 crore, and operates across 12 states in India. The company’s assets are valued at Rs 600 crore. These figures, shared by Lokesh, reflect the hard work, vision, and commitment of the family in nurturing Heritage Foods’ long-term success.
Having served for over 33 years in the dairy industry, Heritage Foods is a testament to the family’s sustained effort and perseverance. Underpinned by a debt-free company, Naidu’s wealth accumulation can be attributed to careful strategy and leadership. It’s important to note that Naidu did not rise to the top position overnight; his career spans four decades, during which he has navigated numerous political and personal challenges.
Despite his septuagenarian age, Naidu continues to work tirelessly, demonstrating his determination and resilience, which have contributed significantly to his success both in politics and business.
https://x.com/naralokesh/status/1874776338332360821?
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