‘Ready for a debate on the assets’, says Nara Lokesh

Thursday, March 9, 2017

Telugu Desam Party national secretary Nara Lokesh said on Thursday that he was ready for a debate on his assets and clear air about his and his family’s wealth.

‘Quantum leap in my fortunes is being widely misunderstood and distorted. Though none has asked me in this regard, I owe an explanation to the people, he said.

Speaking at a press conference, he said that his main assets included shares in the family owned Heritage Foods. A large part of the wealth lies in shares in the Heritage Foods which sold its retail business in Nov ember to Kishore Biyani’s retain chain Future Group. The share price was Rs.110 in 2010 and touched Rs.1,100 now. ‘I am holding 25 lakh shares in the Heritage Foods and so the wealth’, he said.

He said that the 23 time jump in wealth is the difference between the acquisition value which is what I share in the voluntary disclosure and the market value on that day in the previous years. Earlier, the acquisition value was shown in voluntary disclosure of assets as the share market prices were volatile. Now, the market value was shown following Election Commission requirements, he said.

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