Amaravati, March 9 (IANS) Under fire from opposition for quantum leap in his fortune, Andhra Pradesh Chief Minister N. Chandrababu Naidu's son N. Lokesh Thursday said he was ready for a debate on his wealth.
Alleging that YSR Congress Party is making baseless allegations against him, he said he was ready to answer all the questions.
The Telugu Desam Party (TDP) General Secretary clarified that he owns 25 lakh shares in family owned company Heritage Foods and the value of his assets witnessed a jump with the value of the shares.
The 34-year-old, while filing nomination for the legislative council elections, declared that his assets are worth Rs 330 crore.
The opposition was quick to question him as only six months ago he had declared that he owns assets worth Rs 14.5 crore.
Lokesh, who is likely to be inducted in the state cabinet, claims that he had earlier declared acquisition cost but now he has declared the market value of his assets.
He said for last six years their family had been voluntarily declaring their assets for transparency.
He said he had been buying shares of Heritage since 1993. He claimed that Naidu transferred his shares to him in 1999.
Lokesh pointed out that in 2010 the value of each share was Rs 110 which has now gone up to Rs 1,100.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.