Presently the business is managed by Bhuwaneswari Nara who is Managing Director, and Nara Brahmani (daughter-in-law of Naidu) who is executive director for the last 10 years.
Andhra CM Chandrababu Naidu whose name recently appeared as the richest chief minister in a report of the Association for Democratic Reforms (ADR), is wealthiest on account of his family’s shareholding in a dairy firm.
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According to reports, about 82 per cent of the Rs 931 crore wealth attributed to Naidu is on account of his wife Bhuvaneswari Nara’s 24.37 per cent stake in Heritage Foods Ltd – the milk and dairy product retailer set up in 1992 and listed on bourses in 1994.
Naidu, notably, does not own any shares in Heritage Foods Ltd. Bhuvaneswari Nara’s stake in Heritage Foods worth Rs 763 crore has been counted as Naidu’s wealth in the ADR report.
Explaining the context, Heritage Foods officials said the company is a pure-play daily product retailer and not in any crony capitalist sector like infrastructure, according to PTI.
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