Andhra CM poorer than two-year-old grandson

Amaravati, Dec 8 (IANS) Andhra Pradesh Chief Minister N. Chandrababu Naidu is poorer than his two-year-old grandson.

While the Telugu Desam Party (TDP) chief has more liabilities than assets, his grandson Nara Devaansh is worth over Rs 11 crore.

For the seventh year in a row, Naidu and his family members declared their assets.

Naidu's total liabilities are Rs 5.64 crore, while the net assets are Rs 2.53 crore.

His son Nara Lokesh, who is also a minister in his cabinet, on Friday declared the family assets.

According to him, Naidu took a housing loan of Rs 5.60 crore from Bank of Baroda and has Rs 40 lakh in savings account. The CM owns an Ambassador car worth Rs 1.52 lakh and a house in Hyderabad worth of Rs 7.75 crore.

With net assets of Rs 25.41 crore, Naidu's wife Nara Bhuvaneswari is the richest in the family. The Managing Director of family-owned firm Heritage Foods also has liabilities of Rs 20.90 crore. She owns an Audi car worth of Rs.91.93 lakh and has Rs 7.44 lakh in savings account.

Lokesh, who is the general secretary of the TDP, said his net assets are worth Rs 15.21 crore. He has total assets of Rs 26.39 crore, but the bank loans and advances account for Rs 11.17 crore.

Lokesh's wife Nara Brahmani, one of the directors in Heritage, has net assets to the tune of Rs 15.01 crore. Their son Devansh has fixed deposits worth of Rs 11.54 crore.

Lokesh said the total value of their assets was calculated at the acquisition value as the market value keeps fluctuating.

He claimed theirs was the only family of politicians in the country declaring their assets regularly.

Slamming the opposition parties for making what he calls baseless allegations against his family, Lokesh challenged them to make their assets public.

He said the opposition parties made several allegations against them and their company but couldn't prove even a single one of them.

He reiterated that if anybody proved that the family own more assets than what they have declared, they would transfer the same to him.

He wondered why the YSR Congress Party chief Y.S. Jaganmohan Reddy never declared his assets. "It is CBI and ED which announce his assets," he remarked in an apparent reference to corruption charges against the Leader of Opposition.