Travel from 7000 rupees to 900 crores, this is the country’s richest Chief Minister, revealed in the ADR report – News Himachali News Himachali

Andhra Pradesh Chief Minister N Chandrababu Naidu is once again at the top of the annual list of India’s richest chief ministers of the ‘Association of Democratic Reforms’ (ADR).

Most of his declared assets worth Rs 931 crore came from his family’s stake in a pure dairy retail company, which he established 33 years ago without any government assistance. West Bengal Chief Minister Mamata Banerjee has been put at the bottom of the list in the ADR report based on the affidavits filed before the last assembly election by the Chief Ministers. Naidu has no share in ‘Heritage Foods Limited’. The retailer of milk and dairy products ‘Heritage Foods Limited’ was established in 1992 with an initial capital of just Rs 7,000 which was listed in the stock markets in 1994.

Naidu’s wife Bhuvaneshwari Nara holds a 24.37 percent stake in the company, which is counted in the property of the Chief Minister of Andhra. The slogan family (promoter) has a total of 41.3 percent of the heritage foods, whose capital market price has increased from just Rs 25 crore to Rs 4,381 crore in 1995 (based on the closure of shares on BSE on Friday). During June 2024, the capital market price reached its highest level to Rs 6,755 crore so far, with 1,81,907 shareholders, the highest number of so far. Explaining the context, Heritage Foods officials said that the company is purely a retailer of dairy products and no ‘crony capitalist’ (colluded capitalism) region such as infrastructure.

A retail company, which does not get any government subsidy or other assistance, can move forward only when its products are accepted by the public. And this company was established when Naidu was only one MLA. He became the Chief Minister of the state for a long time after the company was listed in ‘Stock Exchange’. He said that in the early 1990s, Naidu’s home district in United Andhra Pradesh was the largest milk producing district of Chittoor state.

Heritage began its operations in 1993 and brought the initial public issue (IPO) the following year. It was 54 times more pronounced and its shares were listed on BSE and NSE. An amount of Rs 6.50 crore was raised from the IPO. During the first year of its operations, Heritage Foods set up its first milk cooling unit in Chittoor with an investment of Rs 1.60 crore. He said that it processed 19,000 liters of milk per day and earned revenue of Rs 4.36 crore in the first year of its operations, while its profit (PAT) was Rs 19 lakh. The company’s turnover crossed Rs 100 crore from FY 2000 (April 1999 to March 2000 Financial Year), Rs 500 crore by FY 2008, Rs 1,000 crore by FY 2011, Rs 2,000 crore by financial year 2016, Rs 3,000 crore by financial year 2023 and Rs 4,000 crore by financial year 2025.

The company’s total assets increased from Rs 9.99 crore (1994) to Rs 972 crore (2025). ‘Heritage Foods’, led by Bhuvaneshwari, also expanded to other states. Officials said that about three lakh dairy farmers from nine states are associated with this company. Heritage milk and milk products are now available in 17 states. ‘Heritage Foods’ is a glorious partner in the remarkable development of the dairy sector in India, which has been the world’s largest milk producer since 1997.

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