Gulte Movie News And Politics
A couple of days ago, Andhra Pradesh Chief Minister N. Chandrababu Naidu was declared the richest among his counterparts in the country by the Association for Democratic Reforms (ADR) report.
This declaration led to debate over how he accumulated the staggering quantity of wealth. While his detractors argued that it was due to corruption throughout his political career, Naidu’s son and minister Nara Lokesh tried to clarify the mystery shrouding his father’s riches.
Retracing the past, Lokesh said in 1992, when Andhra Pradesh was thriving as a milk-surplus state, Naidu pondered over how he could help the dairy farmers.
At that time, the then Union Finance Minister Dr Manmohan Singh has just opened the dairy sector to private investment as part of his economic reforms.
Over 100 companies emerged in the dairy sector, at various places across the country.
It was then that Naidu chanced upon the idea of Heritage Foods, to empower the farmers by marketing their dairy products.
With an initial capital of Rs 50 lakh, Heritage Foods’ first milk chilling unit was set up in Chittoor, after obtaining loans from Bank of Baroda. Naidu remained the managing director of Heritage Foods for two years.
In 1994, when Chandrababu Naidu became a minister, he quit as MD of Heritage Foods and my mother N. Bhuvaneswari became the executive director, subsequently rising to the position of Managing Director.
In the same year, the company went public through an IPO and since then, there has been no looking back.
Lokesh recalled that his parents worked very hard to make the company flourish on all fronts, ensuring the welfare of farmers associated with the company.
After Covid-19, Heritage Foods was declared a debt-free company, boosting the morale of the employees and dairy farmers linked to the company.
At present, Heritage Foods has a total market value of Rs 4400 crore, revenues of Rs 3,750 crore and the company operates in 12 states in India.
Heritage Foods has an asset value of Rs 600 crore.
These figures and statistics revealed by Lokesh should help the public fathom the hard work and dedication of the family in nurturing its growth.
Heritage Foods has a legacy of 33 years in the dairy sector, which is quite a long duration for any endeavor to tread along the path of success.
Backed by a high-value company without any debts, Naidu made it to the top slot with vision and proper strategy.
At the same time, it should also be remembered that Naidu did not climb to the top notch as the richest CM in a jiffy. He is a senior politician with 40 years experience, enduring the curve balls thrown by life.
Naidu’s grit and perseverance can also be gauged through his age. He is a septuagenarian, yet he works for long hours without missing the gait in his walk.
