Naidu’s son ready for debate on quantum jump in assets

Amaravati: 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.