The value surge amounted to ₹169 crore since 2019….reports Asian Lite News
Over the past five years, the assets of Nara Lokesh, son of former Chief Minister N Chandrababu Naidu, along with his wife, have witnessed a substantial surge from ₹373 crore in 2019 to a staggering ₹542 crore, marking a remarkable 45% increase.
This significant rise was disclosed in an affidavit submitted by Lokesh as the Telugu Desam Party (TDP) MLA candidate for the Mangalagiri Assembly constituency. The value surge amounted to ₹169 crore since 2019.
However, amidst this financial ascent, Lokesh faces legal challenges, with 24 criminal cases, including his alleged involvement in the Amaravati Inner Road (IRR) scam.
The bulk of Lokesh’s movable assets, valued at ₹394 crore, comprises shares in prominent entities like Heritage Foods, Heritage Finlease, Nirvana Holdings, and Megabid Finance. Meanwhile, his immovable assets, primarily properties situated in Hyderabad’s upscale areas such as Jubilee Hills, Manikonda, Madinaguda, and Madhapur, account for ₹148 crore.
Financially, in the fiscal year 2022-2023, Lokesh and his family garnered a revenue of ₹9 crore from company earnings, dividends, wages, and rentals, while facing obligations amounting to ₹18 crore. Despite his substantial wealth and business endeavors, Lokesh, armed with an MBA from Stanford University, claims to be primarily engaged in politics as a form of social service.
The forthcoming elections for the 175-member Assembly and 25 Lok Sabha seats in Andhra Pradesh are slated for May 13, setting the stage for political scrutiny and potential transformation in the state’s governance landscape.
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